TECHNICALS — CBOT corn to fall into $4.72 — 1/2 to $4.75 — 1/4 range

For more technical analysis, please click TECH/C SINGAPORE, Oct 15 (Reuters) — CBOT December corn is expected to break a support at $4.78-1/4 and fall into a range of $4.72-1/2 to $4.75-1/4 per bushel. The contract's failure to break a resistance at $4.87-1/4 and the following drop suggest that a bounce from $4.70-1/4 may have completed. The completion signals that the downtrend from $5.09-3/4 has resumed. The resistance is at $4.80-3/4, the 200% projection level of a wave C from $5.04-1/2. A break could lead to a gain into the $4.83-1/4 to $4.85-1/4 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 reader should consult their own professional or other advisers for business, financial, or legal advice