CBOT corn may rise towards $3.44-1/2

SINGAPORE: CBOT December corn may break a resistance at $3.42-1/2 per bushel and rise more towards the next resistance at $3.44-1/2, driven by a wave c.

These resistances are provided respectively by the 50 percent and the 61.8 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the Aug. 12 low of $3.22-1/2.

At most, this wave may travel to $3.51, the 100 percent level. At least, it could extend to $3.44-1/2. Support is at $3.40-1/2, the 38.2 percent level, a break below which could cause a loss towards the 23.6 percent level at $3.38.