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CBOT corn may drop to $3.18-1/2
- The support is identified as the 38.2pc retracement of the downtrend from $3.55 to $3.07-1/4.
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SINGAPORE: CBOT September corn may drop to $3.18-1/2 per bushel, as it has broken a support at $3.25-1/4.
The support is identified as the 38.2pc retracement of the downtrend from $3.55 to $3.07-1/4.
The break opened the way towards $3.18-1/2.
This target will be only confirmed when corn breaks the immediate support at $3.23-1/2, the 200pc projection level of an uptrend from $3.08.
A break above $3.25-1/4 could lead to a gain to $3.28-1/4.
On the daily chart, corn may test a support at $3.22-1/4, with a good chance of breaking below this level and falling to $3.14-1/4, the 7pc retracement on the fall from $4.10 to $3.07-1/4.