SINGAPORE: CBOT March corn may drop towards a support of $6.57, following its failure to break a resistance at $6.84-1/4 per bushel.

The contract failed to break a falling trendline.

The failure suggests an extension of the downtrend from $7.11-3/4.

Unless corn could quickly recover from the drop on Tuesday and stand firm above $6.78 soon, the rise from the Dec. 7, 2022 low of $6.45-3/4 will be highly unlikely to extend.

Now, the rise looks like a bounce against the fall from $7.11-3/4.

It is a part of a wave C which may travel to $5.68-3/4.

On the hourly chart, a projection analysis on the uptrend from $6.44 reveals fine-tuned supports and resistances.

Corn futures ease on profit-taking

Corn seems to be stabilizing around a support of $6.69. A consolidation around this level or a bounce towards $6.72-1/2 to $6.74-3/4 range is likely to occur.

A break below $6.69 may open the way towards $6.63 to $6.65-1/2 range.