CBOT corn to fall to $5.72-1/4 a bushel

SINGAPORE: A bearish target at $5.72-1/4 has been established for CBOT December corn as it has broken below a support at $5.94-1/2 per bushel.

The support is the 76.4 percent Fibonacci retracement on the rise from $5.72-1/4 to $6.66, and its failure to stop the current downtrend that started at the Nov. 9 high of $6.66 has made the Oct. 3 low a possible target.

Resistance is at $6.01, a rise above which will confirm a small double-bottom, which points to $6.10.

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