The resistance is identified as the 61.8% retracement of the downtrend from $4.03-1/4 to $3.43. The shooting star forming on Wednesday suggests that corn may stay below the resistance for a few days.
To break the resistance, corn probably needs to retrace to $3.66 for accumulating enough bullish momentum. A break could lead to a gain to $3.89.
On the hourly chart, a corrective cycle could have completed at $3.80. The subsequent correction may consist of three waves. So far, only the first wave has completed.
The second wave labeled b may end around $3.75-3/4, the 23.6% retracement of the uptrend from $3.62-1/4 to $3.80. It will then by reversed by the third wave labeled c.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of 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. **