SINGAPORE: CBOT March corn looks neutral in a range of $3.75-1/2 to$3.80-3/4 per bushel, and an escape could suggest a direction.
The range is formed by the 23.6 percent and the 38.2 percent projection levels of an upward wave C from $3.67-1/4. This wave is capable of travelling into the range of $3.89-1/4 to $3.94-1/2.
However, this target zone will not be available until corn breaks $3.80-3/4. A break below $3.75-1/2 could cause a loss into the range of $3.67-1/4 to $3.72-1/4.
A closer look at the hourly chart also sheds little light, as the sideways moves over the past few days point no direction. Wave pattern suggests an upside bias.
* 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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