TECHNICALS-CBOT corn may retest support at $4.45
SINGAPORE, March 10 (Reuters) - CBOT corn CK26 may retest support at $4.45 per bushel, a break below which could trigger a fall into the $4.40-1/4 to $4.45 range.
A five-wave cycle from $4.76 looks incomplete. The bounce from around $4.45 has been driven by a wave 4, which will be reversed by the following wave 5.
A gap forming on Tuesday provides a resistance at $4.51, a break above which may lead to a gain to the $4.53-3/4 to $4.58 range.
On the daily chart, a dark cloud cover formed between March 6 and March 9, suggesting the temporary completion of a wave C from $4.26.
A short rising trendline indicates a further fall toward $4.42-3/4. The uptrend is expected to resume around this support, as a high-low bottom suggests an extension of this wave toward $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.
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