SINGAPORE: CBOT May corn may retest a resistance at $3.75-1/4 per bushel, a break above which could lead to a gain to $3.77-1/2.
The resistance is identified as the 86.4 percent projection level of a wave C from $3.95. It triggered a mild correction, which may end around $3.72-1/4.
The current uptrend looks incomplete. It may extend a bit further to the March 4 high of $3.77-3/4, which is near $3.77-1/2. However, the symmetrical nature of the chart suggests that the bounce may end around $3.77-1/2.
On the daily chart, corn is approaching a resistance at $3.77, the 38.2 percent projection level of a downward wave C, which almost coincides with $3.77-1/2 on the hourly chart. A decent correction is expected to occur around these levels.
* 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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