CBOT September corn (CU26) may extend gains into a range of $4.32-1/2 to $4.35 per bushel, driven by a wave c.
A projection analysis reveals a break above the 100% level of $4.28-3/4. The break indicates an extension of the wave c toward the $4.35 to $4.38-3/4 range.
A break below $4.28-3/4, now a support, may trigger a fall to $4.26-1/2. On the daily chart, the contract has broken a resistance at $4.26-1/4.
The next resistance is at $4.39, which is pointed by the upper channel, a break above which may lead to a gain into the $4.49 to $4.59 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 the Workspace platform - London Stock Exchange product.
** 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.