The resistance is identified as the 38.2 percent retracement of the downtrend from $4.29-1/2 to $3.50-1/4. The next resistance will be at $3.85-1/2, the 100 percent projection level of an uptrend from $3.65-1/4.
Wave pattern suggests corn is riding on a wave c, the seventh wave of a double-zigzag from $3.52. A rising channel indicates that the wave c may travel into the range of $3.85-1/2 to $3.89-3/4.
A break below $3.77-1/2, the channel line support, may cause a loss to $3.68-3/4.
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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.