TECHNICALS-CBOT corn may retest support at $4.24-1/4
SINGAPORE, Feb 20 (Reuters) - CBOT March corn CH26 may retest support at $4.24-1/4 per bushel, a break below which could open the way toward $4.23-1/4 to $4.21-3/4.
A wave c from $4.32-3/4 briefly travelled below its 76.4% projection level of $4.24-1/4. Chances are this wave may extend to the 100% level of $4.21-3/4.
Resistance is at $4.27-1/4, a break above which could lead to a gain into the $4.28-1/2 to $4.30 range. A head-and-shoulders is taking shape and will be confirmed by a break below $4.24-1/4.
On the daily chart, the contract has fallen below a rising channel. A duplicated channel suggests a target of $4.17-1/4. The stabilisation around the support at $4.24-3/4 could be temporary.
The bearish outlook will be revised, once the market breaks above $4.29-1/2.
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 business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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