SINGAPORE: CBOT December corn may test a resistance at $3.89-3/4 per bushel, a break above which could open the way towards the next resistance at $3.99.
These resistances are identified respectively as the 50 percent and the 61.8 percent retracemnts on the downtrend from $4.29-1/2 to $3.50-1/4.
The correction triggered by the resistance at $3.89-3/4 adopted a three-wave mode. With corn approaching $3.88-1/2, this correction may have ended.
Wave pattern on the uptrend from $3.50-1/4 indicates the progress of a wave (5), which is capable of travelling to $3.99, as pointed by a rising trendline.
A drop from the current level may be limited to $3.80-1/2.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Source: Brecorder
