The support is provided by the 14.6 percent projection level of a presumed wave (c) from $3.71. A big part of this wave has been developing within a range of $3.75-3/4 to $3.81-1/4, based on which, corn may fall to $3.71.
The strong bearish momentum accumulated on Feb. 8 indicates that the support at $3.73-3/4 may not hold very long. On the daily chart, corn is going to retest a support at $3.72-1/4, the 14.6 percent projection level of an upward wave C from $3.67-1/4. It may succeed in breaking this support this time.
A bounce from the current level may be limited to $3.75-3/4 (first chart).
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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. **