SINGAPORE: CBOT December corn may bounce moderately to $3.66-1/2 per bushel, as it has found a support at $3.63-3/4.
The support is provided by the 38.2 percent projection level of a wave c from $3.54-1/2. It may trigger a pullback towards a rising trendline.
A break above $3.66-1/2 could lead to a gain to $3.69-1/4, while a break below $3.63-3/4 could cause a loss to $3.60.
The bias is towards the upside, as on the daily chart, a retracement analysis on the downtrend from $4.29-1/2 to $3.42-1/2 reveals a support at $3.63, which works together with the support at $3.63-3/4 to prevent a further fall.
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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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