TECHNICALS-CBOT corn may retrace into $4.19-3/4 to $4.21-3/4 range
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CBOT March corn is projected to retrace into the $4.19-3/4 to $4.21-3/4 range after completing a wave c from $4.19-3/4. The current decline may extend to $4.21-3/4, with resistance at $4.24-1/2. A break above this level could lead to gains between $4.25-1/2 and $4.26-1/4. The bounce from $4.17-1/4 appears incomplete, suggesting a resumption upon completing a shallow correction. This analysis is provided by Wang Tao, a Reuters market analyst.
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