TECHNICALS-CBOT corn may bounce to $4.57
SINGAPORE, March 11 (Reuters) - CBOT corn CK26 may bounce to $4.57 per bushel, as suggested by a retracement analysis.
A five-wave cycle from $4.76 seems to have ended at $4.45-1/2, as suggested by the following persistent bounce. Given that the market has climbed above the 23.6% retracement of $4.52-1/2, it is expected to extend gains to $4.57.
Support is at $4.49-3/4, a break below which could trigger a fall into the $4.45-1/2 to $4.47-1/4 range. On the daily chart, a white hammer formed around a short rising trendline, suggesting a completion of the fall from $4.76, of the first round of the fall.
The contract may bounce, by observing a series of projection levels on the uptrend from $4.26.
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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