Tuesday, 11 August 2015 14:57
SINGAPORE: Signals are mixed for CBOT September corn, as it has found a support around $ 3.83 per bushel.
It seems the gains over the past few days have been controlled by a few Fibonacci projection levels of the downtrend from the July 16 high of $ 4.38-3/4.
The resistance at $ 3.91, the 214.6 percent level, has caused a correction to the support at $ 3.83, the 250 percent level.
A break below $ 3.83 will open the way towards the next support at $ 3.77-1/4, the 276.4 percent level, while a break above $ 3.91 could lead to a gain to the range of $ 3.94-1/4 to $ 3.99-1/2, formed by the 200 percent level and the 176.4 percent levels.
