SINGAPORE: CBOT March corn may slide a bit more to $3.75 per bushel, as suggested by a retracement analysis and a rising trendline.
The analysis is on the uptrend from $3.67-1/4 to $3.87-3/4. It reveals that corn has deeply pierced below $3.77-1/2, the 50 percent level. Chances are it could seek a support at $3.75, which is pointed by a rising trendline.
A break above $3.79-3/4 may signal the resumption of the uptrend towards the range of $3.82-3/4 to $3.84-3/4. On the daily chart, two trendlines are converging to a point. A sharp move is due. Most likely, corn would break the upper trendline and rise to $3.86.
* 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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