CBOT corn may gain more into $6.61-3/4 to $6.74-3/4 range

SINGAPORE: CBOT March corn, as it has broken a key resistance at $6.40-3/4 per bushel.

The uptrend is riding on wave (c) which may have ended around $6.40-3/4 if it stopped around this resistance. The break confirmed the extension of this wave into $6.61-3/4 to $6.74-3/4 range.

The depth of the correction from the Jan. 31 high of $6.42-1/2 also suggests a target of $6.74-3/4.

A fall from the current level will be regarded as a pullback to $6.40-3/4, now a strong support.

On the daily chart, another projection analysis reveals a resistance at $6.49-1/4, which looks vulnerable in terms of the strong bullish momentum accumulated on Wednesday.

From a longer perspective, the uptrend from $3.67 has resumed, as corn has climbed above $6.40-1/2.

The trend may extend far above $6.40-1/2, based on the depth of the correction from this level.

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