SINGAPORE: A bullish target range of $8.03-$8.11 per bushel has been established for CBOT December corn as a surge on Aug. 26 has confirmed a medium-term uptrend.
The bullish momentum on Friday also confirmed an unfolding wave "3" towards $8.03, the 161.8 percent Fibonacci projection level based on the length of the wave "1", which rose from $7.06-1/4 to $7.48-3/4.
The upside could be extended a bit more to $8.11, the 161.8 percent Fibonacci projection of a wave (3) target, based on the length of the wave (1).
Retracement will be limited to $7.67.
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.
Copyright Reuters, 2011
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