SINGAPORE: CBOT December corn may drop to $3.47 per bushel, as suggested by a Fibonacci retracement analysis and a head-and-shoulders.
The analysis is on the downtrend from the Sept. 6 high of $3.62 to the Oct. 12 low of $3.42-1/2. It reveals a support at $3.49-3/4, which does not seem to hold, after a bounce triggered by this level was totally reversed.
In the meantime, a small head-and-shoulders has been almost confirmed, suggesting a target at $3.43-3/4. Resistance is at $3.52-1/4, only a break above which could signal the continuation of the uptrend from the Oct. 23 low of $3.43, towards $3.54-1/2.
Source: Brecorder.com
