CBOT corn may retest $3.39 resistance

SINGAPORE: CBOT Dec. corn may face resistance at $3.39 per bushel yet again, as its bounce from the Aug. 24 low of $3.34-1/2 is not finished.

The bounce followed the completion of a small five-wave cycle from the Aug. 19 high of $3.44-1/4. Three waves will make up the bounce, with the third wave, labeled c, unfolding towards $3.39, the 23.6 percent Fibonacci retracement of the uptrend from the Aug. 12 low of $3.22-1/2 to $3.44-1/4.

A drop to $3.35 may extend to $3.33-1/4.