SINGAPORE: CBOT corn may fall into a range of $6.88-3/4 to $6.92-3/4 per bushel, as it failed to break a resistance at $7.06-1/4.
The resistance is identified as the 100% level of a presumed wave c from $6.71-1/2.
This wave may either end around this level or extend far above it.
Regardless of the ending point of the wave c, a correction is highly likely.
A break below $6.88-3/4 would signal again a reversal of the uptrend from the July 22 low of $5.61-3/4.
CBOT corn may revisit Sept. 30 high of 6.96-1/4
On the daily chart, corn broke a key resistance at $6.88 and a short trendline.
It is expected to extend its gains to $7.17-3/4. The subsequent drop on hourly chart is regarded as a pullback towards $6.88.
The contract is expected to resume its rise upon the completion of the pullback.
A break below $6.88 could open the way towards $6.64.
Source: Brecorder
