Markets
CBOT corn to retrace to $7.04 a bushel
SINGAPORE : CBOT December corn is expected to retrace to $7.04 per bushel, as it faces a strong resistance zone of $7.18
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SINGAPORE: CBOT December corn is expected to retrace to $7.04 per bushel, as it faces a strong resistance zone of $7.18-1/2 to$7.22-3/4.
The zone was formed by two highs touched on June 9 and Aug 3 respectively, and it may prevent a further rise.
Increasing the chance for a retracement is the completion of an "a-b-c" corrective wave cycle on the rise from $6.68-3/4 to $7.20.
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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