Friday, 13 November 2015 13:12
SINGAPORE: CBOT March corn may fall to $ 3.65-1/2 per bushel as it has failed to break a resistance at $ 3.69-1/2.
The resistance is provided by the 100 percent Fibonacci projection level of a downward wave C, the third wave of a presumed three-wave cycle from the Oct. 7 high of $ 4.10.
The failure signals a weakness of the bounce from the Nov. 10 low of $ 3.65. Indeed, the downtrend could have resumed. A rise to $ 3.71 could confirm a break above the resistance, and the next resistance at $ 3.73 will be targeted.
