The support is identified as the 138.2% projection level of a downward wave C from $4.60. This wave is expected to extend into a range of $3.70-1/2 to $3.83-1/2.

A retracement analysis on the uptrend from $3.52-1/2 to $4.68-3/4 reveals a break below the 61.8% level at $3.96-3/4. The break opened the way towards $3.79-3/4, which falls within the target range.

Corn seems to be pulling back towards $3.96-3/4, now a resistance. A break above this level may lead to a gain limited to $4.04-3/4.

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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. **