TECHNICALS-CBOT corn may retrace into $4.36-3/4 to $4.35-1/4 range
SINGAPORE, Feb 24 (Reuters) - CBOT corn CK26 may retrace into a range of $4.36-3/4 to $4.35-1/4 per bushel, following its failure to break a key resistance at $4.44-3/4.
The resistance is identified as the 61.8% projection level of a wave C which may either end around this level or extend to $4.51-1/2.
Given that market has broken a support at $4.40-3/4, it may test the support zone of $4.36-3/4 to $4.38-1/4, which is pointed by a short trendline.
A break above $4.40-3/4 may lead to a gain to $4.42-3/4. On the daily chart, the contract failed to break a resistance at $4.42-3/4.
The long-shadowed shooting star on Monday symbolizes a dissipation of the bullish momentum. The contract is likely to retrace toward $4.36-1/2.
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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