SINGAPORE: CBOT May corn may retest a resistance at $3.64-1/4 per bushel, a break above which could lead to a gain to $3.66-1/4.
The resistance is identified as the 76.4 percent projection level of an upward wave c from $3.58-1/2. This wave is capable of travelling to $3.66-1/4.
The resistance caused a correction which may end around $3.60-1/4, as suggested by a rising trendline. On the daily chart, a small double-bottom is forming around the support at $3.56-1/4, the 100 percent projection level of a downward wave (c) from $3.97-3/4.
The pattern will be confirmed when corn breaks a resistance at $3.66, the 76.4 percent projection level of a downward wave (c) from $3.97-3/4.
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** 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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