TECHNICALS-CBOT corn neutral in $4.38-1/4 to $4.40-3/4 range
SINGAPORE, Feb 25 (Reuters) - CBOT corn CK26 looks neutral in a range of $4.38-1/4 to $4.40-3/4 per bushel, and an escape could suggest a direction.
A break below $4.38-1/4 may trigger a fall into $4.34 to $4.36-3/4 range. However, the bias might be toward the upside, as the contract is testing $4.40-3/4.
A break could open the way toward $4.42-3/4 to $4.44-3/4. On the daily chart, a projection analysis reveals a bigger neutral range of $4.36-1/2 to $4.42-3/4.
The contract is presumed to be riding on a wave C which might travel to $4.53-1/4. Based on this presumption, the market is biased to rise above $4.42-3/4.
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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