TECHNICALS-CBOT corn biased to retest support at $4.44-3/4
SINGAPORE, March 4 (Reuters) - CBOT corn CK26 is biased to retest a support at $4.44-3/4 per bushel, a break below which may trigger a fall to $4.42-3/4.
A correction from $4.49-1/4 has been mostly developing within a rising channel, the lower channel line of which suggests a target of $4.42-3/4.
A break above $4.47-1/4 would suggest the completion of the correction from $4.49-1/4. A bullish target zone of $4.49 to $4.51-1/2 will be established accordingly.
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 has withstood two attacks by bulls.
A dark cloud cover formed between February 27 and March 2, followed by a shooting star. Both of them are bearish reversal patterns.
A further drop to $4.42-3/4 looks highly likely.
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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