SINGAPORE: CBOT December corn faces a resistance at $7.51 per bushel, and may retrace to its Nov. 21 low of $7.38.
The resistance is at the 61.8 percent Fibonacci retracement on the fall from $7.29 to $7.10-1/2, strengthened by another one provided by the upper channel line of a falling channel.
A break above the resistance will signal the channel has been violated and the fall from $7.76 will be totally reversed.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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