CBOT corn may test support at $3.43-1/2

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: CBOT December corn may a support at $3.43-1/2 per bushel, a break below which could cause a loss to the next support at $3.40-1/2.

These supports are identified respectively as the 38.2 percent and the 23.6 percent Fibonacci retracements on the downtrend from the Oct. 25 high of $3.55-1/4 to the Nov. 16 low of $3.36-1/4.

Corn failed to break both a falling trendline and a resistance at $3.45-3/4. The failure has triggered a correction, which could extend to $3.40-1/2, as suggested by the bearish divergence on the hourly .

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A break above $3.45-3/4 could lead to a gain at $3.47-3/4.

Copyright Reuters, 2017

Source: Brecorder.com

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