SINGAPORE: CBOT corn March corn may retest a support at $5.72-1/4, a break below which could open the way towards $5.57-1/2 to $5.66-3/4 range.

The contract dropped below a rising trendline again.

The chance of an uptrend extension becomes remote. What has been labelled as a wave C from $5.57-1/2 looks more and more like a part of the correction from the Nov. 2 high of $5.93-1/2.

Resistance is at $5.81-3/4, a break above which may lead to a gain to $5.87-1/4. A further gain could signal the continuation of the uptrend.

On the daily chart, the game is hard to play around a resistance at $5.95-1/2.

The repeated failures of the contract to break this resistance strongly signal a completion of the wave c.

The moderate fall on Monday could be the beginning of a downtrend which could eventually extend to $5.16-1/4.

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