Wednesday, 05 August 2015 13:03
SINGAPORE: CBOT September corn is expected to break resistance at $ 3.72 per bushel, and rise towards the next resistance at $ 3.77-1/4, as indicated by its wave pattern, the Fibonacci projection analysis and the hourly MACD indicator.
A five-wave cycle from the July 14 high of $ 4.43-1/4 has completed, and will be reversed. Basically, the current bounce could at least extend to the peak of the fourth wave labelled 4, about $ 3.77-1/4.
A Fibonacci projection analysis based on the length of the first wave labelled 1 reveals resistance at $ 3.72, the 300 percent level, which could be broken on Wednesday, as the bullish divergence on the hourly MACD indicates corn has become technically very strong.
