SINGAPORE: CBOT July corn is expected to test a resistance at $4.66-3/4 per bushel, a break above which could lead to a gain to $4.80-3/4.
The resistance is provided by the 61.8% projection level of an upward wave C from $4.08-1/4. This wave may end around $4.66-3/4 or $5.03-1/4. A flag suggests the target at $5.03-1/4.
Support is at $4.55-3/4, a break below which could cause a loss to $4.44-1/2. On the first month continuous chart, corn has broken a key resistance at $4.45-3/4, the 100% projection level of an upward wave (C). It is surging towards the range of $4.71-3/4 to $4.87-3/4. Theoretically, this wave could travel to $5.13-3/4.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of 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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