CBOT corn may test support at $5.25

SINGAPORE: CBOT corn may test a support at $5.25 per bushel, a break below which could cause a fall into $5.18-1/2 to $5.22 range.

The rise from $5.12-3/4 is presumed to be driven by a wave b, the second wave of a downtrend from $5.37-1/2.

This wave failed to overcome a barrier at $5.31-1/2. The failure suggests the development of a wave c. A break above $5.31-1/2 could lead to a gain to $5.37-1/2.

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