SINGAPORE: CBOT corn may retest a support of $6.88-3/4 per bushel, a break below which could open the way towards $6.79-1/2 to $6.84-3/4 range.
The correction from the Oct. 10 high of $7.06-1/2 looks incomplete.
It may extend to $6.79-1/2, as suggested by a rising channel.
Resistance is at $6.98, a break above which could lead to a gain into $7.01-1/2 to $7.06-1/4 range.
On the daily chart, corn broke a key resistance at $6.88 and a short trendline.
It is supposed to extend its gains to $7.17-3/4. Before rising further, corn has to complete a pullback.
CBOT corn may revisit Sept. 30 high of 6.96-1/4
The uptrend may resume upon the completion of the pullback around $6.88.
A break below $6.88 could open the way towards $6.64.
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