SINGAPORE: CBOT May corn is biased to retrace to $6.51, as it faces a resistance at $6.57-1/2 per bushel.
The contract failed a few times to break this resistance, which is near the peak of a wave b.
The repeated failures suggest a completion of the rise around this barrier.
The rise may have been driven by a wave (b), the second wave of a correction from $6.68-1/2.
It will be reversed by a wave (c).
A break above $6.57-1/2 may lead to a gain into $6.61-3/4 to $6.68-1/2 range.
CBOT corn may fall into $6.37-1/2 to $6.38 range
On the daily chart, the downtrend from $7.12 remains firm and may extend towards March 10 low of $6.06-3/4.
The short uptrend from this low is classified as a wave b, the second part of a big wave C from $6.84-3/4.
This bearish outlook will be revised only when corn breaks above $6.66-3/4.