CBOT corn remains neutral in $3.37 to $3.42-1/4 range

SINGAPORE: CBOT December corn <CZ6 > remains neutral in a range of $3.37 to $3.42-1/4 per bushel, and an escape could indicate a direction.

The range is formed by the 50 percent and the 38.2 percent Fibonacci retracements of the uptrend from the Aug. 31 low of $3.14-3/4 to the Oct. 20 high of $3.59-1/4. The bias could be towards the downside, as the gain from the Nov. 14 low of $3.35-1/2 looks like a pullback towards the trendline rising from $3.14-3/4.

A rise to the Nov. 17 high of $3.43-1/2 could confirm a break above $3.42-1/4, and the 23.6 percent level of $3.48-1/2 will be targeted then.