SINGAPORE: CBOT March corn failed to break a resistance at $3.82-3/4 per bushel, and may hover below this level or retrace to a support at $3.77-1/2.
The resistance and the support are identified respectively as the 76.4 percent and the 50 percent retracements of the uptrend from $3.67-1/4 to $3.87-3/4.
Strengthening the resistance is another similar one established by a falling trendline. A break above $3.82-3/4 could lead to a gain to $3.87-3/4.
It is hard to label the rise from the Jan. 15 low of $3.71, which may be driven by a wave (x), the fourth wave of a double-zigzag. This wave mode is a bit conflicting with the five-wave count from $3.67-1/4 to $3.87-3/4.
The trending signals will be clearer when corn breaks above $3.82-3/4 or below $3.75.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of 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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