SINGAPORE: CBOT May corn may test a support at $3.51 per bushel, with a good chance of breaking below this level and falling more towards the next support at $3.47-1/4.
These supports are identified as the 114.6 percent and the 123.6 percent projection levels of a downward wave (c)from $3.98-1/2.
After travelling below $3.57, this wave is highly likely to extend to $3.41. A realistic target could be $3.47-1/4, which is indicated by a triangle.
A bounce from the current level will be regarded as a pullback towards the lower trendline of the triangle. The pullback may be limited to the April 9 low of $3.55-1/4.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of 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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