SINGAPORE: CBOT May corn may fall more into a range of $6.53-1/4 to $6.57-1/2 per bushel, as the uptrend from $6.40-1/4 may have reversed. The contract has broken a rising trendline.
The break, along with the deep fall from $6.82-1/2, confirms an uptrend reversal. The current downtrend could be extending towards a wide range of $6.40-1/4 to $6.53-1/4.
Resistance is at $6.68-1/4, a break above which could lead to a gain into $6.70-3/4 to $6.75 range.
On the daily chart, corn broke a support at $6.66-1/2. The break opened the way towards $6.38-1/4.
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A big wave (C) from $7.12 may have just resumed, after a major disruption by the strong rise from the March 10 low of $6.06-3/4.
This wave is expected to travel to $5.92-3/4, or a much lower level if fails to complete around $5.92.
Source: Brecorder
