CBOT Corn May Extend Gains to $5.43-$5.46-1/2 Range

SINGAPORE, Aug 28 (Reuters) - CBOT December corn CZ26 may extend gains to a range of $5.43 to $5.46-1/2 per bushel, as suggested by a projection analysis.

The analysis on the uptrend from $4.70-1/2 reveals an extension of this wave above the 261.8% level of $5.33-3/4. It is highly likely to travel further into the target zone.

A break below $5.33-3/4, now a support, may trigger a fall into the range of $5.24-1/2 to $5.28. On the daily chart, the contract has broken a key resistance at $5.23-1/2, the 100% projection level of a wave C.

The break increases the chance of this wave extending to the range of $5.48-3/4 to $5.64-1/2, formed by the 138.2% and the 161.8% projection levels of this wave.

A fall below $5.28-1/4 would be a first sign of a correction toward the $5.14-1/2 to $5.23-1/2 range.