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

SINGAPORE, Sept. 8 (Reuters) - CBOT December corn CZ26 may retest a support at $5.36-1/4 per bushel, a break below which could trigger a fall toward $5.27-1/4.

The contract yet again failed to break resistance at $5.42-1/4. The failure is likely to be followed by a drop to the support at $5.36-1/4.

Increasing the chance of such a fall is the incomplete three-wave cycle from $5.49-3/4. The downward wave c is presumed to have just started, unfolding toward the bottom of the wave a around $5.27-1/4.

On the daily chart, a long-shadowed hanging man formed on Sept. 3, which was followed by a black candle on Sept. 4. Together, they suggest a further drop on Tuesday.

Trending signals will likely remain mixed until the market gets out of a range of $5.28-1/2 to $5.48-3/4.