SINGAPORE: A bearish target at $6.31-1/2 per bushel is intact for CBOT December corn as its failure to break a strong resistance at $6.65-1/2 has triggered a formation of a double-top.
The resistance is the high touched on Oct. 21, probably serving as the first top of a double-top, while the other high at $6.66 hit on Nov. 9 may become the second top.
The wave mode on the rise from the Nov. 1 low of $6.31-1/2 is obviously corrective, indicating a consolidation between $6.31-1/2 and $6.65-1/2 will continue.
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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