SINGAPORE: CBOT March corn may retest a resistance at $6.46 per bushel, a break above which could lead to a gain into $6.49 to $6.53-3/4 range.

A five-wave cycle from $6.74 has completed at the Wednesday low of $6.35, as confirmed by the strong bounce from this low.

Three waves make up the bounce. So far, only two waves have unfolded.

The wave c is expected to travel into the target zone.

A more bullish scenario is a reversal of the downtrend from $7.11-3/4, as the trend could be well divided into five waves. Under this scenario, corn may rise to $6.74.

Support is at $6.39-1/2, a break below which could trigger a drop into $6.34-1/4 to $6.37 range.

CBOT corn may fall more into $6.37 to $6.41-3/4 range

On the daily chart, a pennant has been confirmed, indicating a target of $6.02-1/4.

A retracement analysis suggests the same target.

However, there was a false break below the immediate support of $6.40-1/4.

Corn is highly likely to bounce to $6.57 before resuming its downtrend.