SINGAPORE: A rebound of CBOT December corn from an hourly chart low at $6.01-1/2 per bushel is expected to end below $6.19-1/4, a 38.2 percent Fibonacci retracement.
The rebound followed the completion of a five-wave cycle that developed from $6.48 to $6.01-1/2, and a Fibonacci retracement reveals two resistances, $6.12-1/2 and $6.19-1/4, the 23.6 percent and 38.2 percent levels, respectively.
A weak rebound could stop around $6.12-1/2, while a stronger one will push the price to $6.19, the ultimate high it could touch.
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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