CBOT September corn (CU26) may revisit its June 25 low of $4.25-1/4 per bushel, as a bounce from this level has completed.
The bounce could be well divided into five waves, a structure signalling the completion. A falling wedge seems to be developing, with the lower trend line pointing to a target of $4.12-1/4.
Resistance is at $4.19; a break above it may lead to a move back into the $4.21-1/4 to $4.23-1/2 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 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.