SINGAPORE: CBOT March corn will consolidate between $5.97 and $6.09-3/4 per bushel for one trading session, before either rebounding further above $6.09-3/4 or falling below $5.97.
A Fibonacci retracement analysis on the rise from $5.76-1/4 to $6.64-1/4 reveals a strong support at $5.97, the 76.4 percent level, which will be the maximum depth for the retracement from the Jan. 3 high of $6.64-1/2, if the rise from the December 2011 low of $5.76-1/4 has not completed.
The support has triggered a rebound which is likely to be confined within the range formed by the 76.4 percent and the 61.8 percent retracements.
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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