TECHNICALS-CBOT corn may test support at $4.61
SINGAPORE, March 19 (Reuters) - CBOT corn CK26 may test support at $4.61 per bushel, a break below which may trigger a drop into the $4.54-3/4 to $4.58-1/4 range.
The contract failed to break a resistance at $4.67-1/4. The failure triggered a pullback toward a falling trendline, which establishes support around $4.61.
A break below this support would indicate a failure of the market to escape from a wedge. A break above $4.67-1/4 may led to a gain into the $4.69-1/2 to $4.72-3/4 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.
tech
