TECHNICALS — CBOT corn to fall to $4.78 — 1/4

For more technical analysis, please click TECH/C SINGAPORE, Oct 14 (Reuters) — CBOT December corn is expected to fall to $4.78-1/4 per bushel, as suggested by a retracement analysis. Following its failure to break the resistance at $4.87-1/4, the market broke the support at $4.83-1/4, the 38.2% retracement. The break opened the way toward $4.78-1/4. In addition to various retracement, the market also observes a series of projection levels on the downtrend from $5.04-3/4. The 200% level of $4.80-3/4 serves as a support, a break below which would confirm the target of $4.78-1/4. A break above $4.83-1/4 could lead to a gain into $4.85-1/4 to $4.86-3/4 range. On the daily chart, the doji on Tuesday indicates a completion of the bounce from $4.70-1/4. The contract may retest the support at $4.73. The wave pattern indicates a further slide toward $4.57-1/4, the bottom of the wave B. 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 rea