CBOT corn neutral in $3.44-1/2 to $3.48-1/2 range

SINGAPORE: CBOT Dec. corn looks neutral in a range of $3.44-1/2 to $3.48-1/2 per bushel, and an escape could indicate a direction.

The range is formed by the 107 percent and 76.4 percent Fibonacci projection levels of a downward wave c, the third wave of a presumed three-wave cycle from the Oct. 20 high of $3.59-1/4.

A break below $3.44-1/2 could cause a loss into the range of $3.40-1/2 to $3.42-1/4. However, the bias seems to be towards the upside, as a falling channel suggests corn may bounce more.

A break above $3.48-1/2 could lead to a gain into the range of $3.50-1/4 to $3.52.