SINGAPORE: CBOT corn may test a resistance zone of $7.96-3/4 to $7.99-3/4 per bushel, a break above which could lead to a gain to $8.06.
The contract has broken a falling trendline and a resistance at $7.84-3/4.
The break opened the way towards $7.99-3/4. It is presumed to be riding on a wave c which could travel into a wide range of $7.96-3/4 to $8.20-3/4.
The uncertain part is when a pullback towards the trendline occurs.
CBOT corn may retest support at $7.58-3/4
Most likely, it could start in the zone of $7.96-3/4 to $7.99-3/4.
A break below $7.82-1/4 could trigger a drop to $7.72-1/2.
On the daily chart, corn could be rising towards $8.11, around which a wave b peaked.
The pattern between May 25 and June 15 looks like an inverted head-and-shoulders, which suggests a much higher target of $8.60.
It might be the time to assume the continuation of the uptrend from $5.12-3/4.