CBOT corn may fall to $5.22

SINGAPORE: CBOT corn may break a support at $5.28 per bushel, and fall to $5.22.

The bounce from $4.97-1/2 may have completed, as suggested by its three-wave structure and a break below a rising trendline.

The consolidation above $5.28 could be temporary. It may end on Tuesday. Over the next few days, corn may drop towards the bottom of the wave b at $5.12-3/4.

A retracement analysis on the downtrend from $5.94-1/4 suggests a target of $5.20-1/4, as corn has broken a support at 5.34-1/4.

On the daily chart, corn has broken a support at $5.33-1/2.

It is supposed to fall towards the next support at $5.19-1/4. The sideways move over the past few days is due to a pullback towards $5.33-1/2.

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