SINGAPORE: CBOT July corn is expected to fall to $4.30-1/2, as it has broken a support at $4.44-1/2 per bushel.
The support was provided by the 38.2% projection level of an upward wave C from $4.08-1/4. The next support will be at $4.30-1/2, around which the current fall may pause.
A break above $4.44-1/2, now a resistance, could lead to a gain to $4.55-3/4. On the first-month continuous chart, corn is falling towards $4.30-3/4, as it has broken a support at $4.45-3/4, the 100% projection level of an upward wave (C).
The bearish divergence on the daily RSI has not been fully discounted. A further fall is highly likely.
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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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