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SINGAPORE: CBOT December corn may test a support at $3.66-1/2 per bushel, a break below which could cause a loss to $3.63-3/4.
The support is provided by the 50 percent projection level of a wave c from $3.54-1/2. This wave may end around either $3.69-1/4 or $3.78-3/4.
The wave failed three times to overcome the barrier at $3.69-1/4. Chances are it may have ended around $3.69-1/4, or its first part has ended around this level. A break below $3.66-1/2 could confirm the completion of the wave c.
A break above $3.69-1/4 could signal the extension of the wave c towards $3.78-3/4. A more realistic target will be $3.73.
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