CBOT corn may retest $5.40 to $5.45-1/4 range after shallow fall in Q4
CORN•CBOT first-month corn may fall into a $4.72-$5.02-per-bushel support zone before testing $5.40-$5.45-1/4 in the fourth quarter. A deeper break below $5.04-1/2 could lead to a drop toward $4.64-1/4.
1. Support and resistance
CBOT first-month corn may retrace into a support zone of $4.72 to $5.02 per bushel before testing resistance at $5.40 to $5.45-1/4 in the fourth quarter. The resistance zone has triggered a correction, whose depth remains unknown; a shallow correction may end around $5.02.
2. Possible price paths
Technical analysis suggests the current fall is a wave 4 that may end around $5.04-1/2, followed by an upward wave 5 expected to reach $5.70. A break below $5.04-1/2 may lead to a further decline toward $4.64-1/4. The analysis also identifies a confirmed high-low bottom around $3.60-1/2 between August 2024 and August 2025, suggesting a target around $6.40.
