The resistance is identified as the 107 percent projection level of a wave C from $3.95. An inverted head-and-shoulders has been confirmed, suggesting a target at $3.75-1/4.
A break below $3.66-3/4 will make the pattern invalid. Only a deep fall below $3.63-1/2 could confirm the continuation of the downtrend towards $3.58.
On the daily chart, corn failed to break a support range of $3.60-1/4 to $3.63-1/4, which is formed by the 61.8 percent projection level of a presumed wave C and the Sept. 18, 2018 low.
The wave C could be temporarily over. It is expected to be further reversed.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** 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. **