SINGAPORE: CBOT March corn may revisit its Jan. 15 low of $3.71 per bushel, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave C from $3.87-3/4. This wave has deeply pierced below its 61.8 percent projection level at $3.73-1/4. It is likely to extend to $3.64-1/2.
The bounce from $3.71 is regarded as a pullback towards a rising trendline. The pullback may end around the trendline resistance at $3.75.
A study on the first month chart reveals the completion of a rising wedge which developed from the July 12, 2018 low of $3.29-3/4. It is a bearish pattern, to be followed by a downtrend which may extend into the range of $3.27-1/4 to $3.43-1/4 in the first quarter.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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