CBOT corn may fall into $4.89-1/4 to $4.92 range

By Reuters News

SINGAPORE, Oct 5 (Reuters) - CBOT December corn may fall into a range of $4.89-1/4 to $4.92 per bushel, as it is poised to break the support at $4.96-1/4.

The support is identified as the 100% projection level of a wave c from $5.26. The market may either end around this level or extend to $4.85.

The bounces triggered by the support became weaker and weaker, forming a small triangle, which looks like a bearish continuation pattern.

A break above $5.00-1/4 may lead to a gain into the $5.03-1/4 to $5.07-3/4 range. On the daily chart, the contract has broken a support at $4.98-1/4 and a rising trendline. It may drop into $4.82-1/2 to $4.90-1/2 range.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on Workspace - a platform provided by London Stock Exchange.

** 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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