TECHNICALS-CBOT corn may retrace into $4.42-3/4 to $4.44-3/4 range
SINGAPORE, March 2 (Reuters) - CBOT corn CK26 may retrace into a range of $4.42-3/4 to $4.44-3/4 per bushel, following its failure to break a key resistance at $4.51-1/2.
The failure suggests a completion of a wave C from $4.34. Another bearish reading is that bulls failed to maintain the price above a rising channel, which remains intact.
The lower channel line points at a target of $4.42-3/4. Immediate resistance is at $4.49, a break above which may lead to a gain to $4.51-1/2.
On the daily chart, a projection analysis on a wave C from $4.26 reveals a strong resistance at $4.53-1/4, the 61.8% level, which works together with the one at $4.51-1/2 on the hourly chart to stop the rise.
The market may fall toward $4.42-3/4, which is identical with a target on the hourly chart.
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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