CBOT corn may retest support at $5.19
CORN•CBOT December corn may retest support at $5.19 per bushel and fall toward $5.14-3/4 if it breaks below that level.
1. Technical outlook
A bounce from $5.14-3/4 has formed a wedge that appears to be a bearish continuation pattern, with a break below $5.19 needed to confirm it. Resistance is at $5.26; a break above could lead to a gain into the $5.29-1/2 to $5.33 range. The daily chart shows a narrow range of $5.14-1/2 to $5.28-1/4, while the bias might be toward the downside after completion of a five-wave cycle from $4.57-1/4.
