CBOT corn may retest support at $4.55

By Reuters News

- CBOT December corn may retest a support at $4.55 per bushel, a break below which may trigger a fall to $4.42-1/2.

The hammer on October 21 failed to work as a reversal pattern, a black candle followed it. The subsequent fall does not necessarily mean a continuation of the downtrend as the market may stabilize around the support at $4.55 again, which is strengthened by a similar support at $4.57-1/4, the bottom of wave B.

On the hourly chart, the contract looks shaky around a support at $4.59-1/2, the 361.8% projection level of a downtrend from $5.04-3/4.

The support looks vulnerable. A break below it could open the way toward $4.53-1/2.

* 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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