SINGAPORE: CBOT July corn may bounce moderately to $3.28-1/4, before falling towards $3.24 per bushel, as suggested by a projection analysis and a rising trendline.
The deep fall from the Monday high of $3.34 seems to be slowing around a support at $3.26, the 61.8pc projection level of an upward wave C from $3.16.
The contract may consolidate around $3.26 before dropping to $3.24, the presumed ending point of the fall.
A break above $3.28-1/4 could lead to a gain to $3.30.
On the daily chart, another projection analysis on a downward wave C from $4.20 reveals a similar target of $3.24-1/4, the 100pc level.
A break below $3.24 could open the way towards $3.17-1/2.
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