CBOT corn may fall to $3.17-1/4

• Strengthening the support is another similar one established by a rising trendline.
• These supports only triggered a weak bounce which seems to have ended. A break above $3.19-1/4 may not necessarily lead to a gain to $3.21-1/2.

SINGAPORE: CBOT July corn may retest a support at $3.17-1/4 per bushel, with a good chance of breaking below this level and falling to $3.15-1/4.

The support is identified as the 50% retracement of the uptrend from $3.09-1/4 to $3.25-1/2. The trend has reversed, as confirmed by its five-wave structure and deep fall from $3.25-1/2.

Strengthening the support is another similar one established by a rising trendline.

These supports only triggered a weak bounce which seems to have ended. A break above $3.19-1/4 may not necessarily lead to a gain to $3.21-1/2.

On the daily chart, the contract failed twice to break a resistance at $3.24-1/4, the 100% projection level of a downward wave C from $4.20. This wave may have resumed towards $3.10-1/4.