SINGAPORE: CBOT corn may test a resistance at $7.41-1/2 per bushel, a break above which could lead to a gain into $7.46-1/2 to $7.54-3/4 range.

A temporary bottom has formed around a support at $7.20-1/4, after the completion of a five-wave cycle from $7.80-1/2.

The current bounce consists of three waves.

The wave c is expected to travel to $7.44-1/2 or $7.56. Support is at $7.33-1/2, a break below which may cause a fall into $7.20-1/4 to $7.27 range.

CBOT corn may test support at $7.75-3/4

On the daily chart, the contract managed to maintain above a support at $7.30-1/2.

It is expected to test the nearest resistance at $7.43, a break above which could lead to a gain to $7.55-1/4.

It must be noted that the market still trends down.

The bounce may be limited to $7.55-1/4, around which a big black candlestick started to form on June 1.