SINGAPORE: A target at $6.32 per bushel has been aborted for CBOT December corn as a rebound could have been completed at the previous trading session's high of $6.17 per bushel.
The wave (4) rebound only pierced briefly above $6.09, the 23.6 percent Fibonacci retracement on the fall from $7.28-1/2 to $5.72-1/4, signaling the monentum is very weak.
The wave pattern also suggests a completion of a small "a-b-c" corrective cycle, and the contract will resume a preceding downtrend towards $5.72-1/4.
Only a rise above $6.17 could open the way to $6.32.
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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