SINGAPORE: CBOT corn may retest a resistance at $6.73 per bushel, a break above which could lead to a gain into $6.79-3/4 to $6.90-3/4 range.

The contract has deeply pierced above a key resistance at $6.62-1/4, the 100% projection level of a wave 3.

Its failure to close above this barrier on Wednesday imposed little impact on this fierce wave, which is expected to travel into $6.90-3/4 to $7.08-1/4 range.

The correction triggered by the resistance at $6.73 has been largely reversed.

The reversal signals a continuation of the wave 3.

An extension of the correction may be limited to $6.52.

CBOT corn may rise into $6.75-1/2 to $6.82-3/4 range

On the daily chart, the contract pierced above a resistance at $6.64.

Its failure to break this level does not look like the leading signal of a trend reversal.

With corn approaching this barrier again, it has a better chance to break $6.64 and rise towards $6.88.