CBOT corn may test support at $5.35-1/2
- The whole uptrend from $3.57 seems to have reversed
SINGAPORE: CBOT corn December futures may test a support at $5.35-1/2 per bushel, a break below which could cause a fall into $5.24-1/2 to $5.29-1/2 range.
The contract is riding on a wave c which is expected to travel to $5.29-1/2. A head-and-shoulders has been confirmed, suggesting a similar target.
This pattern also indicates a continuation of the downtrend from $6.28-1/4. Eventually, the low at $5.07 will be revisited.
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Resistance is at $5.43-1/2, a break above which could lead to a gain into $5.48-3/4 to $5.53-1/4 range.
On the daily chart, the contract broke a support at $5.43, opening the way towards $5.23.
The wedge may turn out to be top pattern, which was thought as a bullish continuation pattern.
The whole uptrend from $3.57 seems to have reversed.
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