CBOT corn to rise to $7.04-1/2 a bushel
SINGAPORE: BOT December corn will rebound to $7.04-1/2 per bushel as indicated by its wave pattern.
The contract has started a rebound which will unfold in a three-wave mode, labeled as "a-b-c", or in a five-wave mode, labeled as (1)-(2)-(3)-(4)-(5).
Both modes strongly suggests a further rally towards the previous trading session's high at $7.04-1/2. However, the current wave (3) or wave "c" would be able to push the price beyond this level.
A fall below $6.86-1/4 will be limited to $6.83.
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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