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

SINGAPORE, Sept. 4 (Reuters) - CBOT December corn CZ26 may test a support at $5.36-1/4 per bushel, a break below which could trigger a fall toward $5.27-1/4.

The current correction may consist of three waves. The wave c may have just started, unfolding toward the bottom of the wave a around $5.27-1/4.

Resistance is at $5.45-1/2, a break above which may lead to a gain into the $5.49 to $5.54-3/4 range. On the daily chart, a long-shadowed hammer formed on Thursday.

The lower shadow is so long that the market may tend to fall toward the support at $5.28-1/4 again. The uptrend remains intact. It may resume upon the completion of the correction, which is riding on a wave 4.