SINGAPORE: CBOT March corn faces a resistance at $3.80-3/4 per bushel, a break above which could lead to a gain to $3.85.
The resistance is identified as the 38.2 percent projection level of an upward wave C from $3.67-1/4. This wave is capable of traveling into the range of $3.89-1/4 to $3.94-1/2.
The big white candlestick forming on Jan. 25 marked a completion of the shallow correction from the Jan. 18 high of $3.83.
A loser look at the hourly chart reveals a support at $3.78-3/4, the 38.2 percent projection level of an upward wave (c) from $3.71. A break below this support could cause a loss to $3.75-3/4.
Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
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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