The support is provided by the 76.4 percent projection level of a downward wave c from $3.71-3/4. This wave may travel to $3.53, as suggested by a triangle forming between Nov.8 and Nov. 16. A realistic target will be at $3.58-1/4.
The bounce from the Nov. 21 low of $3.60 was so weak, that it ended below a resistance at $3.63-1/4. The wave c could have resumed. A break above $3.63-1/4 could lead to a gain limited to $3.65.
On the daily chart, corn has broken a support at $3.63, it is falling towards $3.55, the 14.6 percent retracement of the downtrend from $4.29-1/2 to $3.42-1/2.
* 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.