CBOT corn may fall to $4.84-3/4 v
- A break below this support may open the way to $4.78. However, the former support at $5.11-1/2 triggered a bounce.
SINGAPORE: CBOT March corn may fall to $4.84-3/4 per bushel, driven by a wave c.
This wave c has travelled below $5.02-3/4, its 100% projection level. Chances are it may extend to $4.84-3/4, which is suggested by a falling channel duplicated from the upper channel.
However, the target at $4.84-3/4 may not be fulfilled until a moderate bounce completes. This bounce may be triggered by $4.91-3/4.
Resistance is at $4.95-3/4, a break above which could lead to a gain into $4.98-1/2 to $5.02-3/4.
On the daily chart, the contract is testing a support at $4.92-3/4, the 38.2% retracement of the uptrend from $4.14-1/2 to $5.41-1/2.
A break below this support may open the way to $4.78. However, the former support at $5.11-1/2 triggered a bounce.
The current support is supposed to be stronger. It may work together with the one at $4.91-3/4 (hourly chart) to cause a bounce as well.
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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