SINGAPORE: CBOT corn may retest a support at $5.47-1/4 per bushel, a break below which could cause a fall into $5.36-1/2 to $5.43-1/4 range. The contract is riding on a wave c from $5.82, which is expected to travel into $5.36-1/2 to $5.43-1/4 range. The bounce triggered by the support at $5.47-1/4 could be short-lived, limited to $5.54.
A retracement analysis on the rise from $5.07 to $5.94-1/4 reveals a support at $5.50-1/2, which has been briefly pierced. It does not seem to hold. A break above $5.54 could lead to a gain to $5.60-1/2. On the daily chart, corn is expected to fall to $5.43, the 61.8% projection level of a downtrend from $6.28-1/4.
The uptrend from $3.57 is likely to resume, if corn manages to remain above $5.43. A break could open the way towards the $5.09 to $5.23 range. Charts are not available in reports received through "Alert". To get charts, key in "TECH/C" to retrieve the original reports.
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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