SINGAPORE: CBOT March corn may break a resistance at $5.38-1/2 per bushel and rise into $5.46-1/2 to $5.51-3/4 range, as the uptrend has resumed.

The sharp correction triggered by this resistance has been almost reversed.

The reversal apparently indicates a resumption of the uptrend.Based on the depth of the correction, corn may rise to $5.91.

A realistic target will be $5.46-1/2 or $5.51-3/4. Support is at $5.30-3/4, a break below which could cause a fall to $5.25.

On the hourly chart, the rise from $5.08 looks exceptionally sharp. It looks doubtful if this rise could maintain its momentum.

A possible correction may occur around $5.40-1/4, the 161.8% projection level of a wave 3.

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