SINGAPORE: CBOT May corn may fall into a range of $6.39-1/4 to $6.43 per bushel, as it failed to break a resistance at $6.50-3/4. The failure suggests the completion of a five-wave cycle.
The second pullback may have been triggered towards the neckline of an inverted head-and-shoulders.
CBOT corn may retest resistance at $6.43
A bullish target of $6.55-1/4 has been temporarily aborted.
It will be resumed when corn breaks $6.50-3/4.