TECHNICALS-CBOT corn may retrace to $4.42-3/4
SINGAPORE, March 3 (Reuters) - CBOT corn CK26 may retrace toward $4.42-3/4 per bushel, to complete a correction triggered by a strong barrier at $4.51-1/2.
The correction is supposed to extend to the lower channel line around $4.42. The bottom of a wave b around $4.37 serves as the lower target once the market drops to $4.42.
Resistance is at $4.47-1/4, a break above which may lead to a gain into $4.49 to $4.51-1/2 range.
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 is close to $4.51-1/2 (hourly chart).
The market narrowly missed its target of $4.42-3/4, which does not necessarily mean the correction is over. Signals on the hourly are bearish. Most likely, the contract would retest $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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