SINGAPORE: A bullish target range of $6.75-1/2 to $6.83 per bushel is unchanged for CBOT December corn as indicated by its wave pattern and a Fibonacci ratio analysis.
The contract is riding on an upward wave (c), unfolding towards a range formed by the 50 percent Fibonacci retracement on the fall from $7.79 to $5.72-1/4 and the 61.8 percent Fibonacci projection level of the wave (c) target.
The consolidation within a small triangle may end on Tuesday, and a rise above the upper trendline resistance at $6.56 is needed to confirm the move of the contract towards the target range.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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