The resistance is provided by the 61.8 percent retracement of the downtrend from $3.87-3/4 to $3.71. It will be critical in deciding if the trend reverses.
A break above the resistance will only lead to a gain to $3.83-3/4, but also signal a reversal of the downtrend, while a break below $3.77-1/4 would make a reversal unlikely.
On the daily chart, corn approaches a falling trendline again, after failing to break it for a few times. A break will be major victory of bulls, to confirm a continuation of the uptrend from $3.54-3/4.
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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.