SINGAPORE: CBOT May corn may break a resistance at $6.67-1/4 per bushel and rise to $6.75. The contract is riding on a powerful wave c, which is expected to travel to $6.75, its 161.8% projection level.

An inverted head-and-shoulders suggests the same target.

The target of $6.75 falls within a congestion zone defined by a wedge.

Chances are the uptrend may either pause or reverse around $6.75.

Support is at $6.62-3/4, a break below which could trigger a drop into $6.55-1/4 to $6.59-3/4 range.

On the daily chart, a falling trendline suggests a further gain to $6.73-3/4.

The following move of the contract after reaching $6.73-3/4 will be crucial in providing the medium-term trending signal.

CBOT corn may fall into $6.39-1/4 to $6.43 range

A break above $6.73-3/4 could indicate a continuation of the uptrend from 2022 low of $5.62 (continuous chart), while a failure to overcome this barrier is likely to be followed by a deep drop towards $6.09.