CBOT corn may drop to $3.68

The support is identified as the 38.2 percent retracement of the downtrend from $3.91 to $3.61. The next support will be at $3.68.

The correction came earlier than expected. It was supposed to occur around the March 4 high of $3.77-3/4. This correction  may extend into the range of $3.65-1/4 to $3.68, to form the right shoulder of an inverted head-and-shoulders.

A break above $3.72-1/4 may lead to a gain to $3.76. On the daily chart, corn is pulling back towards $3.68-3/4, the former resistance and the 50 percent projection level of a downward wave C. This pullback is expected to extend slightly below $3.68-3/4.

* 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. **