SINGAPORE: CBOT July corn may break a resistance at $3.30 per bushel and rise towards $3.32-1/4, as suggested by its wave pattern and a projection analysis.
The resistance is identified as the 86.4pc projection level of an upward wave C from $3.16, which is capable of travelling to or above $3.32-1/4.
Support is at $3.28-1/4, a break below which could cause a fall to $3.26.
On the daily chart, the contract is retesting a resistance at $3.30-3/4, the 93pc projection level of a downward wave C from $4.20.
Given that corn failed to break this resistance in its first attempt on May 28, it may succeed this time.
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