The range is formed by the 14.6 percent and the 23.6 percent projection levels of an upward wave C from $3.60-1/2. A break above $3.68-3/4 could lead to a gain into zone of $3.72-1/2 to $3.74-1/4, while a break below $3.65-3/4 could cause a loss into $3.60-1/2 to $3.63 range.
The bias seems to be towards the downside, as corn has broken a trendline rising from $3.42-1/2. The break signals a reversal of the uptrend from this level. The bounce on Thursday could be indeed a pullback towards the trendline.
* 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.