SINGAPORE: CBOT corn may retest a resistance at $7.82 per bushel, a break above which could lead to a gain into $7.89 to $7.93-1/2 range.
The drop triggered by the resistance on June 9 has been totally reversed.
The reversal signals a continuation of the uptrend. The trend has been closely controlled by a set of projection levels on the rise from $7.25-3/4.
A falling trendline points a target zone of $7.89 to $7.93-1/2.
A break below $7.74-3/4 could trigger a drop into $7.58-3/4 to $7.65-3/4 range.
CBOT corn may extend gains into $7.75-3/4 to $7.82-1/2 range
On the daily chart, the rise from the June 1 low of $7.20-1/2 is presumably driven by a wave B, the second wave of a three-wave cycle from the April 29 high of $8.24-1/2.
This wave may end around a falling trendline, which established a resistance about $7.85.
A brief piercing above the trendline might be likely.
The upside, however, could be limited to $7.95-3/4.