SINGAPORE: CBOT September corn may hover above a support range of $4.25-3/4 to $4.29 per bushel for one day, or bounce moderately to $4.38-3/4 before resuming its downtrend.
The range is formed by the Tuesday low and the 50% projection level of a presumed wave C from $4.60. This wave is the third leg of a three-wave cycle from the June 17 high of $4.68-3/4.
The wave C may end around either $4.25-3/4 or $4.04-3/4. A rising trendline provides a support at $4.29, which works together the support range of $4.25-3/4 to $4.32-1/4 to temporarily hold the fall.
A break above $4.38-3/4 may not necessarily lead to a gain to $4.46-3/4, while a break below $4.25-3/4 could confirm the continuation of the wave C towards $4.04-3/4.
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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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