CBOT corn neutral in $3.63-3/4 to $3.69-1/4 range

SINGAPORE: CBOT December corn looks neutral in a range of $3.63-3/4 to $3.69-1/4 per bushel, and an escape could suggest a direction.

The range is formed by the 38.2 percent and the 61.8 percent projection levels of a wave c from $3.54-1/2. A break below $3.63-3/4 could signal the completion of this wave, and a bearish target at $3.60 will be established accordingly.

A break above $3.69-1/4 could confirm the extension of this wave towards $3.73. Given that corn failed three times to break $3.69-1/4, it may fall towards $3.60.