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. The drastic fluctuation within this range complicated the technical readings of the following direction.
Theoretically, a break above $3.80-3/4 could confirm the extension of the wave C towards $3.85, while a break below $3.75-1/2 could cause a loss into the range of $3.67-1/4 to $3.72-1/4. However, to confirm a break will be a challenge, as there has been a few false breaks above $3.80-3/4.
A rise above the Jan. 23 high of $3.81-3/4 could confirm the break above $3.80-3/4 while a fall to $3.74 may signal a break below $3.75-1/2.
* 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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