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 16 (Reuters) — CBOT December corn may fall into a range of $4.72-1/2 to $4.75-1/4, as it seems to have broken a support at $4.78-1/4 per bushel. Although the market keeps hovering around this support, it has briefly pierced below it many times. As long as the contract stays below a resistance at $4.80-3/4, it is more likely to fall toward $4.75-1/4 than to extend its bounce from $4.70-1/4. A break above $4.80-3/4 may lead to a gain into the $4.82-1/4 to $4.85-1/4 range. On the daily chart, the weak bounce from $4.70-1/4 may have completed around a resistance at $4.90-1/2. The wave pattern indicates a further slide toward $4.57-1/4, the bottom of 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 regarding the products mentioned in the analyses. ​ cz tech (Re