SINGAPORE: CBOT September corn may rise more into a range of $4.41 to $4.47-1/2 per bushel, as it has completed a corrective wave cycle developing from $4.68-3/4.
The completion was confirmed by the strong surge from the July 2 low of $4.13-1/4. A retracement analysis on the cycle reveals a break above a resistance at $4.34-1/4, the 38.2% level.
The next resistance will be at $4.41, a break above which could lead to a gain to $4.47-1/2. A falling trendline suggests a higher target at $4.55-1/2.
A break below $4.34-1/4, now a support, could cause a fall to $4.26-1/4. On the daily chart, another retracement analysis on the uptrend from $3.52-1/2 to $4.68-3/4 indicates a further gain into the range of $4.41-1/4 to $4.51-3/4, formed by the 23.6% and the 14.6% levels.
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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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