SINGAPORE: CBOT March corn may edge up to $3.77-3/4 per bushel, as it has found a support at $3.73-1/4 and broken a resistance at $3.75-1/4.
The support and the resistance are identified respectively as the 50 percent and the 38.2 percent projection levels of a presumed wave C from $3.81-3/4. The next resistance will be at $3.77-3/4.
A break above $3.77-3/4, which is less expected, could lead to a further gain to $3.79-1/4, while a break below $3.73-1/4 could confirm the continuation of the wave C towards $3.68-3/4.
Over the past two months, corn has been trapped within a range of $3.72-$3.85 on the daily chart. Signals are quite mixed. Given that the trend has been gradually extending down, the bias seems to be towards $3.67-1/4.
* 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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