SINGAPORE: CBOT September corn may break a support at $4.10-1/2 and fall towards $4.04-3/4 per bushel, driven by a wave C.
The support is identified as the 50% retracement on the uptrend from $3.52-1/2 to $4.68-1/2. It is blocking the way towards $4.04-3/4, the 76.4% projection level of a downward wave C.
This is the third wave of a three-wave cycle from $4.68-1/2. It has travelled below $4.17-3/4, and it is highly likely to extend to $4.04-3/4.
Resistance is at $4.17-3/4, a break above which may lead to a gain to $4.25-3/4.
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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. **