TECHNICALS-CBOT corn may retest support at $4.50-1/2
SINGAPORE, March 18 (Reuters) - CBOT corn CK26 may retest a support at $4.50-1/2 per bushel, a break below which may trigger a drop into $4.43-$4.46 range.
A correction from $4.76 consists of three waves. The current wave (c) is capable of travelling to $4.38-3/4. However, before falling toward this target, the market may hover above the support at $4.50-1/2 for a one or two days.
A break above $4.57-3/4 may lead to a gain to $4.62-1/4.
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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