SINGAPORE: CBOT September corn may revisit its Aug. 1 low of $3.87-1/4 per bushel, as it seems to have completed a bounce from this level.
The support at $3.87-1/4 could not be identified. Both a retracement and projection analyses failed to mark this level. However, the bounce could be regarded as a pullback towards $3.96-3/4, the 61.8% retracement of the uptrend from $3.52-1/2 to $4.68-3/4. It ended precisely at $4.00-3/4, the 107% projection level of a downward wave C from $4.60.
This wave is capable of travelling into the range of $3.70-1/2 to $3.91-1/2. It may have resumed. A break above $4.00-3/4 may lead to a gain to $4.12-1/4.
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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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