SINGAPORE: CBOT corn may revisit its June 1 low of $7.20-1/2 per bushel, as more than 76.4% of the rise from this level has been reversed.
The deep reversal eliminates the chance of the uptrend extension.
Resistance is at $7.50-3/4, a break above which may lead to a gain to $7.60-1/4.
CBOT corn may extend gains into $7.75-3/4 to $7.82-1/2 range
On the daily chart, corn is riding on a wave c which could travel far below the bottom of the wave a at $7.20-1/2 (June 1 low).