SINGAPORE: CBOT July corn may break a support at $3.45-3/4 per bushel and fall towards the next support at $3.41-3/4, as suggested by its wave pattern and a projection analysis.
These supports are identified as the $138.2% and 161.8%projection levels of a downward wave c from $3.68-1/4. This wave consists of five smaller waves. So far, only three waves have completed. The fourth wave labelled 4 may extend a bit, to peak around $3.52.
A downward wave 5 is expected to develop around $3.52 and travel towards $3.41-3/4. A break above $3.52 may lead to a gain to $3.55-3/4.
On the daily chart, corn is riding on a wave c from $4.03-1/4. This wave has briefly travelled below its 138.2% projection level at $3.47-1/2, it is likely to extend to $3.38.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of 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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