CBOT corn to extend loss to $6.54-3/4 a bushel
SINGAPORE: CBOT December corn would extend its Friday loss to $6.54-3/4 per bushel, as a downward wave "c" or wave "3" is unfolding.
A Fibonacci retracement analysis on the rise from $5.75-1/2 to $7.03-1/4 reveals an immediate target at $6.54-3/4, the 38.2 percent level, while a Fibonacci projection analysis points to $6.52-1/2, the 100 percent level.
A minor rebound was triggered by a support at $6.68 -- the 61.8 percent Fibonacci projection level, and strategically, the confirmation for a fall to $6.52-1/2 will be when corn drops below $6.65.
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.
Copyright Reuters, 2011
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