TECHNICALS-CBOT corn may extend gains into $4.58-$4.62 range

SINGAPORE, March 6 (Reuters) - CBOT corn CK26 may extend gains into a range of $4.58 to $4.62 per bushel, driven by a powerful wave C.

This wave has travelled far above its 100% projection level of $4.51-1/2. It is likely to extend into a range of $4.58-$4.62, formed by the 138.2% and the 161.8% levels.

Immediate support is at $4.52-1/2, a break below which could trigger a drop into $4.49 to $4.51-1/2 range.

On the daily chart, the contract broke a key resistance at $4.53-1/4.

The break opened the way toward $4.70, the 100% projection level of a wave C from $4.26. A realistic target is $4.59-1/2. The pattern from the August 12, 2025, low of $4.20-3/4 looks like a high-low bottom, which will be confirmed when the market breaks $4.70.

This pattern suggests a more bullish target of $4.97.

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.