SINGAPORE: CBOT March corn may retest a support at $5.97-1/4 per bushel, with a good chance of breaking below it and falling into $5.88-3/4 to $5.93-1/2 range.
The consolidation around a rising trendline ended up with a fall below this line. This move signals a continuation of the downtrend from the Dec. 28, 2021 high of $6.17-3/4.
Unless the contract could climb above $6.08-1/2, the downtrend may extend into $5.81-1/2 to $5.88-3/4 range. Three parts make up the downtrend.
The third part, driven by a wave c, is developing.
On the daily chart, a triangle proved to be a top pattern, as corn broke the lower trendline.
The pattern suggests a target around $5.70.
A realistic target will be $5.83-3/4, which will be confirmed when corn breaks $5.95-1/2.
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