SINGAPORE: CBOT March corn may test a resistance at $5.55-3/4 per bushel, a break above which could lead to a gain to $5.65-1/2.

The resistance is identified as the 38.2% projection level of an upward wave C from $5.24-3/4. This wave is capable of travelling to $5.75-1/4.

It is critical that corn remains above $5.48-3/4, as a drop below which could signal a failure to break $5.55-3/4. The current wave count will have to be reviewed then.

On the daily chart, corn has broken a resistance at $5.51. It is likely to test the next resistance at $5.59, a break above which could lead to a gain to $5.72-1/2.

The uptrend is developing within a rising wedge, which indicates a target around $5.86.

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