SINGAPORE: CBOT May corn may edge up to $6.56-1/4 per bushel, following its break above a resistance at $6.50. The current rise is classified as a pullback towards a rising trendline. The pullback may end around $6.56-1/4.

A target zone of $6.61-1/4 to $6.66-1/4 will be established if corn breaks $6.56-1/4 unexpectedly.

Support is at $6.45-3/4, a break below which could open the way towards the $6.35-1/2 to $6.40-1/4 range.

On the daily chart, corn is believed to be riding on a wave (C), which could travel to $5.92-3/4, its 61.8% projection level.

CBOT corn may drop to $6.38-1/4

This projection analysis also reveals a limit of $6.66-1/2 to the current bounce.

The medium-term bearish outlook will be reviewed only when corn breaks above $6.66-1/2.