SINGAPORE: CBOT corn may break a resistance at $6.79-3/4 per bushel and rise into $6.90-3/4 to $6.99-1/2 range, driven by a wave C.

This wave started at $5.87-1/2, which is expected to travel to $6.90-3/4, as it has extended far above its 100% projection level of $6.62-1/4.

The depth of the correction from the Aug. 24 high of $6.71 also suggests the target of $6.90-3/4.

Support is at $6.73, a break below could open the way towards $6.62-1/4 to $6.67-1/4 range.

On the daily chart, corn could be accumulating momentum to test a resistance at $6.88.

Corn falls from 2-month high, lower US crop outlook curbs losses

Generally, the 61.8% retracement works as a strong barrier, which may trigger a correction.

This resistance is expected to join hands with the one at $6.90-3/4 on the hourly chart to temporarily stop the rise. A break above $6.88 to $6.90-3/4 range could lead to a gain to $7.17-3/4.