SINGAPORE: CBOT May corn may break a support at $5.36-1/4 per bushel and fall to $5.29-1/4, as suggested by its wave pattern and a projection analysis.

The contract is riding on a wave C, which started at $5.59-1/4.

It is capable of travelling below the Feb. 11 low of $5.23-1/4.

A retracement analysis on the rise from $5.29-1/4 to $5.59-1/4 reveals a support at $5.36-1/4 which stopped the fall twice.

The support may not hold under the third attack by the bears. Resistance is at $5.40-1/2, a break above which could lead to a gain into $5.44-1/4 to $5.47-3/4.

On the daily chart, corn breaks a support at $5.43. The break has opened the way towards $5.25-1/4.

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