SINGAPORE: CBOT corn may retest a support at $7.58-3/4 per bushel, a break below which could open the way towards $7.44-1/2 to $7.51-1/2 range.

The contract failed twice to break a resistance at $7.82. The failures suggest the formation of a small double-top and a reversal of the uptrend from $7.25-3/4.

The pattern indicates a target of $7.44-1/2. Resistance is at $7.70-1/4, a break above which could lead to a gain into the $7.74-3/4 to $7.82 range.

CBOT corn may retest resistance at $7.82

On the daily chart, the drop on Monday confirmed a completion of the rise from the June 1 low of $7.20-1/2.

The rise is presumably driven by a wave B, the second wave of a three-wave cycle from the April 29 high of $8.24-1/2.

This wave will be reversed by a downward wave C which has just started.

The downtrend from the April 29 high of $8.24-1/2 remains steady as corn failed to break a falling trendline.