SINGAPORE: CBOT corn is expected to break a support at $5.66-1/4 per bushel and fall towards $5.34-1/4 to $5.54 range.
A bearish triangle has been confirmed, which suggests a target of $5.34-1/4.
The immediate target will be $5.54, which looks an easy on Friday.
The triangle makes a part of a pennant which developed from $7.54-1/4.
CBOT corn to fall towards $5.54
The latter suggests a much lower target of $4.89-3/4.
Resistance is at $5.73-3/4, a break above which may lead to a gain to $5.86-1/4.
On the daily chart, the downtrend remains steady within a falling channel.
It is riding on a wave e, which may travel to $5.21-3/4, as pointed by the channel.
A previous wave 4 unfolded within a range from $4.73-1/2 to $5.55-1/2, which indicates a further fall as well.
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