SINGAPORE: CBOT corn may rise into a range of $7.01-1/2 to $7.06-1/4 per bushel, as suggested by a rising channel. Following its failure to fall below the channel, the contract bounced strongly.
Chances are the uptrend may continue to extend within the channel.
The trend may consist of five waves.
The wave 5 is driving the price towards $7.06-1/4.
This wave count suggests a limited upside. A break below $6.88-3/4 could open the way towards $6.79-1/2 to $6.84-3/4 range.
CBOT corn may retest support of $6.88-3/4
On the daily chart, the doji on Wednesday indicates a completed pullback towards the former resistance at $6.88.
Corn is expected to resume its rise towards $7.17-3/4.
A fall below $6.80 may be extended to $6.64.