SINGAPORE: CBOT March corn may break a support at $3.64 per bushel and fall towards the next support at $3.60-1/2, as suggested by a retracement analysis.
These supports are identified respectively as the 23.6 percent and the 38.2 percent retracements of the uptrend from $3.45-1/2 to $3.70.
The uptrend could be broken down into five waves. This structure, along with the deep drop from $3.70, suggests a reversal of the trend.
Theoretically, the current correction could extend into the range of $3.57-3/4 to $3.60-1/2. A drop to $3.63 may confirm this target range.
A bounce may be limited to $3.66-1/4.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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