SINGAPORE: CBOT corn looks neutral in a range of $7.47 to $7.66 per bushel, and an escape could suggest a direction.
The contract is struggling around a falling trendline. It is either accumulating momentum to overcome this barrier or preparing for a deep drop.
A drop below $7.47 could signal the continuation of the downtrend from the March 4 high of $7.48-3/4, while a break above $7.66 could lead to a gain into $7.78-1/4 to $7.92-1/2 range.
On the daily chart, a bullish flag seems to have been confirmed.
CBOT corn may extend gains into $7.54-1/4 to $7.66 range
However, the low volatility below a resistance at $7.61-1/4 casts some doubt on this pattern.
A close above $7.61-1/4 on Friday could clear the doubt while a break below the Thursday low of $7.48-1/2 may make this pattern invalid.