The resistance was provided by the 23.6pc projection level of an upward wave C from $4.08-1/4.
This is the third wave of a presumed three-wave cycle from the May 13 low of $3.43. It is capable of travelling into the range of $4.44-1/2 to $4.66-3/4.
A flag points at a more aggressive target at $5.03-1/4.
A break below $4.30, now a support, could cause a loss to $4.14-3/4. On the first month continuous chart, corn is testing a resistance $4.45-3/4, the 100pc projection level of an upward wave (C) from $3.55-1/2.
A break could open the way towards $5.08-1/4, the 38.2pc retracement of the downtrend from $8.48-3/4 to $3.01.
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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.
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