The resistance is provided by the 23.6 percent projection level of a wave C from $3.81-3/4. Despite the extended bounce from the Feb. 20 low of $3.68-1/2, the wave C looks only partially complete, as it could eventually travel to $3.65. The bounce may have ended around $3.77-3/4.
Even if the wave C has completed, the surge from $3.68-1/2 could be too sharp to sustain. It is expected to be reversed further by the current correction.
On the daily chart, both a projection analysis and a falling channel suggest a target at $3.64-1/2, the 100 percent projection level of a downward wave (C) from $3.87-3/4. Until corn breaks $3.78-3/4, the target at $3.64-1/2 will remain unchanged.
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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.