The support is identified as the 107% projection level of a downward wave C from $4.60. After traveling below $4.04-3/4, this wave has a better chance of extending into the range of $3.70-1/2 to $3.83-1/2. A realistic target will be $3.91-1/2.

However, the target range of $3.70-1/2 to $3.83-1/2 has to be aborted should corn stabilize around $4.00-3/4, as it has touched a channel line. The contract may either leave the channel and fall deeply or bounce towards the upper trendline.

Resistance is at $4.04-3/4, a break above which will not only lead to a gain to $4.12-1/4 but also signal a completion of the wave C.

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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **