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CBOT corn may retest support at $3.19-3/4
- The trend followed the completion of a three-wave cycle from the April 29 low of $3.09-1/4.
- On the daily chart, the bounce triggered by a support at $3.10-1/4 may have finished.
SINGAPORE: CBOT July corn may retest a support at $3.19-3/4 per bushel, as the downtrend from the May 28 high of $3.30-3/4 has not completed.
The trend followed the completion of a three-wave cycle from the April 29 low of $3.09-1/4.
The second wave labelled B ended at $3.16, which works as a target.
Resistance is at $3.24, a break above which may led to a gain limited to $3.26.
On the daily chart, the bounce triggered by a support at $3.10-1/4 may have finished.
The support is identified as the 114.6pc projection level of a downward wave C from $4.20.
A further drop below $3.17-1/2 could confirm the continuation of this wave towards the range of $3.01-1/2 to $3.10-1/4.
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