CBOT corn may retest support at $5.36-1/4

SINGAPORE, Sept 3 (Reuters) - CBOT December corn CZ26 may retest a support at $5.36-1/4 per bushel, a break below could trigger a fall to $5.30-3/4.

The contract fell below a rising channel again, after failing twice to break a resistance at $5.49. A duplicated channel suggests a target of $5.30-3/4.

A double-top might have been forming around $5.49, which will be confirmed when the market breaks $5.36-1/4, suggesting a target of $5.27-1/4.

Resistance is at $5.42-1/4, a break above which may lead to a gain into the $5.45-1/2 to $5.49 range. On the daily chart, a hanging man formed around a resistance at $5.48-3/4 after the contract failed to break a resistance at $5.48-3/4.

The failure, along with the bearish candlestick pattern, marks the beginning of a downward wave 4, which may travel to $5.28-1/4.