TECHNICALS-CBOT corn may stabilize around $4.68 and resume its climb
SINGAPORE, March 9 (Reuters) - CBOT corn CK26 may stabilize around a support at $4.68 per bushel and retest a resistance at $4.75-1/4.
A projection analysis on a wave C from $4.34 reveals this barrier - the 238.2% level. This wave is expected to eventually travel to the 261.8% level of $4.79-1/4.
Based on its strong momentum, this wave is unlikely to be disrupted by a deep correction. Most likely, the correction could end around the 23.6% retracement of $4.68.
A break above $4.71 would be the first sign of the uptrend resumption, while a break below $4.68 may open the way toward $4.63-1/4.
On the daily chart, a wave C from $4.26 has briefly travelled above its 100% projection level of $4.70. Given that it does not intend to complete around this level, it may extend toward $4.86-1/2 to $4.97 range.
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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