SINGAPORE: CBOT May corn may stabilize around a support at $5.65-3/4 per bushel, and bounce towards a zone of $5.72-1/4 to $5.75-3/4.

The support is working together with another one established by a rising trendline to stop a further drop.

For a continuation of the uptrend, the contract would need to hang around $5.65-3/4, as a break below which will not only open the way towards a zone of $5.51 to $5.57-3/4, but also make a trend extension unlikely.

On the daily chart, a projection analysis reveals a near support of $5.66-1/4, the 361.8% level, which joins hands with the other two on the hourly chart to prevent corn from dropping more.

Even though corn is much expected to bounce from the current level, it is still too early to conclude a resumption of the uptrend.

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