Markets
CBOT corn faces resistance at $6.23-1/2 a bushel
SINGAPORE : CBOT December corn needs to break above a resistance at $6.23-1/2 to run up to $6.55, a presumed wave "2" pe
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SINGAPORE: CBOT December corn needs to break above a resistance at $6.23-1/2 to run up to $6.55, a presumed wave "2" peak.
Instead of retracing to a projected target at $5.94 in the previous trading session, corn climbed above a resistance zone of $6.12-1/4 -- $6.15-1/4, the 38.2 percent Fibonacci retracement on the fall from $6.71-3/4 to $5.75-1/2, and a low touched on May 12.
A fierce rally will be triggered once corn overcomes a barrier at $6.23-1/2, the 50 percent Fibonacci retracement.
Support is at $6.06, and a fall below may extend to $5.94.
Copyright Reuters, 2011
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