Technicals-CBOT corn may fall into $5.18-1/2 to $5.21-1/2 range

SINGAPORE, Sept. 11 (Reuters) - CBOT December corn CZ26 may break support at $5.27-1/4 and fall into the $5.18-1/2 to $5.21-1/2 range.

Support is the low of a consolidation range, with a high of $5.33-1/2. Given that the contract is approaching $5.27-1/4 again, it is likely to break this level and fall further.

Simply based on the range, the fall could extend to $5.18-1/4. The current drop is riding on wave c, the third wave of a correction from $5.49-3/4. This wave might be roughly equal to the preceding wave a from $5.49-3/4, to travel to $5.21-1/2.

A break above $5.30-3/4 could lead to a moderate gain into the $5.33-1/2 to $5.36-1/4 range. On the daily chart, a bullish engulfing pattern appeared between Sept. 9 and Sept. 10. However, it has not been confirmed, as the contract failed to break the resistance at $5.33-1/4.

The failure casts doubt on the uptrend's wave mode from $4.57-1/4. The correction from $5.49-3/4 has lasted so long that it indicates a reversal of the uptrend.