CBOT corn may test resistance at $4.48-1/4

SINGAPORE, Nov 13 (Reuters) - CBOT December corn may test a resistance at $4.48-1/4 per bushel, a break above which could lead to a gain into the $4.50-1/2 to $4.52-1/2 range.

The bounce from $4.38 may consist of three waves. The third wave, the wave c, might be unfolding toward the peak of the wave at around $4.55.

Strategically, this wave c will be confirmed when the market breaks $4.48-1/4. Immediate support is at $4.45-3/4, a break below which may trigger a fall into the $4.41-3/4 to $4.44-1/4 range.

On the daily chart, the current bounce is considered to be against the downtrend from the October 7 high of $5.09-3/4. A retracement analysis on the trend reveals a target zone of $4.65-1/4 to $4.73-3/4.

The market seems to be stabilizing around the support at $4.42-1/2. It is poised to retest the resistance at $4.54-3/4.

* 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. ​