TECHNICALS-CBOT corn may retest support at $4.24-1/4
SINGAPORE, Feb 23 (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 twice. It is highly likely to extend to the 100% level of $4.21-3/4.
A head-and-shoulders is taking shape and will be confirmed by a break below $4.24-1/4. It suggests a target around $4.15, the 161.8% projection level.
Resistance is at $4.28-1/2, a break above which could lead to a gain into the $4.30 to $4.31 range. On the daily chart, the contract has fallen below a rising channel. A duplicated channel suggests a target of $4.17-1/4.
The bounce triggered by the support at $4.24-3/4 seems to have ended below a resistance at $4.29-1/2. The bounce could be classified as a pullback toward the upper channel.
The market is poised to break $4.24-3/4 and fall toward $4.17-1/4.
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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