SINGAPORE: CBOT September corn may break a support at $4.34-1/4 and fall to $4.26-1/4 per bushel, as its correction from the June 17 high of $4.68-3/4 may have extended.
The extension was suggested by the deep fall from the Monday high of $4.60. The fall may have been driven by a downward wave C, which is capable of travelling to $4.13-1/4. A realistic target will be $4.26-1/4.
Resistance is at $4.47-1/2, a break above which may lead to a gain to $4.61. On the daily chart, a projection reveals a close relation of the uptrend from $4.13-1/4 to the preceding trend from the May 13 low of $3.52-1/2.
Given that corn has broken the support at $4.40-1/2, it may slide towards the next support at $4.30.
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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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