SINGAPORE, March 12 (Reuters) - CBOT corn (CK26) may test a support at $4.60-3⁄4 per bushel, as it faces a strong resistance at $4.64-1⁄4.
From the perspective of a retracement analysis, the 61.8% retracement generally works as a strong barrier. Considering that the fall from $4.76 adopted a five-wave mode, the $4.64-1⁄4 level might be the endpoint of a wave (b), the second wave of a zigzag from $4.76.
A break above $4.64-1⁄4 could lead to a gain into the $4.68-3⁄4 to $4.71-3⁄4 range. On the daily chart, the resistance at $4.64 is working together with the one at $4.64-1⁄4, likely to stop the fall and trigger a correction.
Increasing the chance of a correction is the possible completion of a wave C 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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TECHNICALS-CBOT corn may test support at $4.60-3/4