Friday, 21 August 2015 12:15
SINGAPORE: CBOT September corn may climb into a range of $ 3.74-$ 3.76 per bushel, as suggested by a rising channel and a Fibonacci projection analysis.
The uptrend from Aug. 13 has been developing within the channel, the upper channel line of which suggests a target range of $ 3.76 to $ 3.78-1/2, formed by the 38.2 percent and the 23.6 percent Fibonacci projection levels of a downward wave C.
Based on the speed of the rise, a more realistic target could be either $ 3.74, the 50 percent level, or $ 3.76. Support is at $ 3.69-1/4, the 76.4 percent level, a break below which could cause a loss to $ 3.67-1/2, the 86.4 percent level.
