TECHNICALS-CBOT corn set to break resistance at $4.44-3/4 and rise further
SINGAPORE, Feb 27 (Reuters) - CBOT corn CK26 is poised to break a resistance at $4.44-3/4 per bushel and rise into the $4.47-1/4 to 4.51-1/2 range.
The contract is riding on a wave C from $4.34, which may either end around its 61.8% projection level of $4.44-3/4 or extend to $4.51-1/2.
The market has briefly travelled above $4.44-3/4 twice and is making its third attempt to break this resistance, indicating an extension of the wave C toward $4.51-1/2.
On the daily chart, the contract has more or less broken a resistance at $4.42-3/4. The break is likely to be followed by a strong surge to $4.53-1/4.
Once the market climbs to this level, a higher target of $4.70 will be established.
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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