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. 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.

Charts are not available in reports received through “Alert”. To get charts, key in “TECH/C” to retrieve the original reports.