The range is formed by the April 17 high and the 7 percent retracement on the downtrend from $3.80-3/4 to $3.55-1/4. A break below $3.57 could cause a loss to $3.55-1/4, while a break above $3.60 could lead to a gain into the range of $3.61-1/4 to $3.64-3/4.
So long as corn hovers above $3.57, the pattern from the rch 29 low of $3.56 is likely to turn out to be an inverted head-and-shoulders, which indicates a reversal of the downtrend.
On the daily chart, this pattern looks more like a triangle, which has a bearish indication. It will be confirmed when corn breaks $3.56-1/4. Signals may remain neutral until corn leaves the range of $3.56-1/4 to $3.61-3/4.
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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. **