SINGAPORE: CBOT July corn faces a strong resistance at $4.44-1/2 per bushel. It may hover below this level or retrace towards $4.30-1/2.
The resistance is provided by the 38.2pc projection level of an upward wave C from $4.08-1/4.
The former two resistances at $4.22 and $4.30-1/2 failed to cause a decent correction.
The current resistance is much stronger.
It may trigger a deep fall.
A break above $4.44-1/2 could lead to a gain to $4.55-3/4. On the first month continuous chart, another resistance at $4.45-3/4 strengthens the resistance at $4.44-1/2.
Corn is more likely to fall towards $4.30-3/4 than to rise towards $4.61-3/4.
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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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