SINGAPORE: CBOT September corn may bounce to $4.32-1/4 per bushel, as it has found a support at $4.25-3/4.
The support is identified as the 61.8% projection level of a presumed wave C from $4.60. It has triggered a weak bounce. This bounce looks like a pullback towards a rising trendline. It may end around $4.32-1/4.
A fall below the Thursday low of $4.23-1/4 could confirm the continuation of the wave c towards the range of $4.04-3/4 to $4.17-3/4.
A break above $4.32-1/4 could lead to a gain into the range of $4.38-3/4 to $4.46-3/4.
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** 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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