SINGAPORE: CBOT March corn looks neutral in a range of $6.59-1/4 to $6.63 per bushel, and an escape could suggest a direction.
A break below $6.59-1/4 could confirm both a completion of a wave c from $6.44 and a target zone of $6.53-1/2 to $6.56-1/2. The bias, however, could be towards the upside, as the correction on Thursday looks like a pullback towards $6.59, a former resistance.
A break above $6.63 may lead to a gain into $6.65-1/2 to $6.69 range. Signals on the daily chart suggest an upside bias as well.
CBOT corn may extend gains to $6.69
The contract has broken a resistance at $6.57. It is expected to bounce more towards the next resistance at $6.78. A close below $6.57 on Friday could confirm that the break was false. Corn may either consolidate around this level or retrace towards $6.40-1/4.
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