Lines on Charts: "Corn Seen Sliding Below $4.50 on Bear Flag"

Oops, there appears to be a problem with the chart, that's the September contract above while we have been looking at the December contract, last trade $4.75 down 2.5 cents.
From Bloomberg:

Corn may extend its slump this year to the cheapest level since 2010, according to technical analysis by INTL FCStone Inc.

After the December contract dropped to a then 31-month low of $4.895 a bushel on July 5, prices rebounded to $5.2825 on July 11, creating a so-called bear flag that signals a drop to $4.47, the lowest since September 2010, said Matt Ammermann, a commodity risk manager at FCStone in London. A bear flag, named for its resemblance to an inverted flag on a pole, occurs when a security is falling, pauses and consolidates, and continues its drop.

“The market now is going to be chewing lower, but it’s probably not going to be a drastic drop because yields are still a big question mark in the U.S.,” Ammermann said in a telephone interview yesterday. “Just going by technical support, we’re looking at $4.47, although psychological support would be $4.50.”...MORE

Previously:
"Corn Extends Drop to 33-Month Low on U.S. Crop; Soybeans Decline"
"Ideal weather sends corn, wheat prices to new lows"
US Farmland: Price Growth Slows, as Farm Profits Fall (corn now under $5.00)
"Deutsche slashes hopes for corn, soybean prices"
Macquarie Calling For Corn in the Low $4's 
Macquarie "Wheat 50% overvalued - corn to hit three-year low"
Corn: Deutsche sees potential for price below $4
"INSIGHT-Big U.S. harvest may hit grain prices, test high farmland values"