The support is provided by the 186.4pc projection level of a downward wave C from $4.60. This wave looks exhausted, as it failed twice to travel below $3.57.

The bullish divergence on the hourly RSI confirms the exhaustion of the downtrend. It strongly indicates a decent bounce is due. A break below $3.57 may cause a fall to $3.49-1/2.

On the daily continuous chart, corn failed to fall towards $3.53, the 86.4pc retracement on the uptrend from $3.35-1/2 to $4.64-1/4.

It is pulling back towards $3.66. Further bullish signal is a spinning top forming on Aug. 15, which indicates a completion of the sharp fall from the Aug. 9 high of $4.17.

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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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