The contract is riding on a wave C, the third wave of a three-wave cycle from $3.97-3/4. This wave is capable of traveling to $3.72-1/4.
Before breaking the support at $3.75-1/4, corn may temporarily hover above this level, as this support is strengthened by another one at $3.75, the Nov. 27, 2018 low.
A bounce triggered by these supports is expected to end below $3.77-1/2. An extended bounce beyond this level would signal a completion of the wave C, and a bullish target at $3.80-3/4 will be established.
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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. **