SINGAPORE: CBOT December corn may fall to $3.57 per bushel, as it has broken a support range of $3.63-3/4 to $3.66.
The range is formed by the May 13 low and the 86.4% projection level of a downward wave (c) from $4.24-1/2. The next support will be at $3.57, around which a decent bounce may occur.
A break below $3.57, which looks unlikely, could cause a fall to $3.47. A sudden surge above $3.66 could signal the break below the support range was false, and a bullish target zone of $3.72-3/4 to $3.82-3/4 will be established accordingly.
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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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