SINGAPORE: CBOT Dec. corn may retest resistance at $3.80 per bushel, a break above which will open the way towards $3.93-1/4.
The resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the June 19, 2013 high of $5.80 to the Oct. 1 low of $3.18-1/4. The next resistance will be at $3.93-1/4, the 38.2 percent Fibonacci retracement on a shorter downtrend from the May 9 high of $5.14-3/4 to $3.18-1/4.
A further drop from the current level may be limited to $3.64-1/2, the 23.6 percent retracement on the shorter trend.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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