CBOT corn may retest support at $5.26
- The trend still observes closely a set of projection levels on the fall from $5.82
SINGAPORE: CBOT corn may retest a support at $5.26 per bushel, a break below which could open the way towards $5.15-1/4 to $5.21-3/4 range.
Corn briefly pierced below the Aug. 23 low of $5.29-1/2. This move confirmed the continuation of the downtrend from $5.82.
The trend still observes closely a set of projection levels on the fall from $5.82.
The bounce triggered by the support at $5.26 seems to be ending around $5.36-1/2. This support is likely to be appraoched on Wednesday.
A break above $5.36-1/2 could lead to a gain to $5.40. On the daily chart, a wave c from $5.94-1/4 has resumed.
It is capable of travelling into a range of $4.73 to $5.19-1/4. The support at $5.33-1/2 looks unable to hold, as corn has deeply pierced below it.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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