SINGAPORE: CBOT September corn is expected to fall into a range of $3.49-1/2 to $3.52-1/2 per bushel, as suggested by a Fibonacci ratio analysis.
The contract has broken a support at $3.68-1/4, the 86.4pc retracement on the uptrend from $3.52-1/2 to $4.68-3/4. This support could be the last barrier towards $3.52-1/2.
Wave pattern suggests the development of a downward wave C from $4.60. A projection analysis reveals a break below its 176.4pc projection level at $3.62-1/2. Chances are this wave may extend to $3.49-1/2.
On the daily continuous chart, corn broke support at $3.66, the 76.4pc retracement on the uptrend from $3.35-1/2 to $4.64-1/4. It is heading towards $3.53, which is indicated by a double-top as well.
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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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