CBOT September corn (CU26) may retrace into a range of $4.31-1/4 to $4.32-1/2 per bushel, after failing to break resistance at $4.38-3/4.
The failure around this key barrier suggests the completion of a wave c from $4.12-1/4. The completion is likely to be followed by a decent correction.
A break above $4.38-3/4 may lead to a gain into $4.41-1/4 to $4.45-1/4 range.
On the daily chart, the contract faces a similar resistance at $4.39.
A correction toward $4.26-1/4 is highly likely. A break above $4.39, which does not seem to be a favourite scenario, may lead to a gain into the zone of $4.49 to $4.59.
** 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.