CBOT corn may retest support at $5.26
- The trend still observes closely a set of projection levels on the fall from $5.82
SINGAPORE: CBOT corn may retest a support at $5.26 per bushel, a break below which could open the way towards $5.15-1/4 to $5.21-3/4 range.
Corn briefly pierced below the Aug. 23 low of $5.29-1/2. This move confirmed the continuation of the downtrend from $5.82.
The trend still observes closely a set of projection levels on the fall from $5.82.
The bounce triggered by the support at $5.26 seems to be ending around $5.36-1/2. This support is likely to be appraoched on Wednesday.
A break above $5.36-1/2 could lead to a gain to $5.40. On the daily chart, a wave c from $5.94-1/4 has resumed.
It is capable of travelling into a range of $4.73 to $5.19-1/4.The support at $5.33-1/2 looks unable to hold, as corn has deeply pierced below it.
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