SINGAPORE: CBOT December corn is expected to retrace to the Tuesday's low of $6.31-1/4 per bushel, as a rebound from the Monday's low of $6.30-1/4 has completed.
Labeled as an "a-b-c" corrective cycle, the rebound failed a resistance at $6.46, the 50 percent Fibonacci retracement on the fall from $6.62 to $6.30-1/4.
The corrective wave nature of the rebound has significantly increased a chance of the contract to fall below $6.30-1/4, the neckline of a double-top.
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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