SINGAPORE: CBOT March corn may end its current bounce around a resistance at $3.75-1/4 per bushel, and then retest a support at $3.71-1/2.
The resistance and the support are identified as the 38.2 percent and the 61.8 percent projection levels of a presumed wave C from $3.81-3/4. This wave may travel to $3.65-1/4 at its full capacity.
A consolidation range from $3.75-3/4 to $3.83 suggests a higher target at $3.68-1/2. The current bounce triggered by the support at $3.71-1/2 could be a pullback towards the range.
On the daily chart, a falling channel indicates that corn may slide to the Nov. 26, 2018 low of $3.67-1/4. A break above $3.75-3/4 (first chart) may lead to a gain to $3.77-3/4.
* 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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