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SINGAPORE: A bearish target at $6.12-1/4 per bushel is intact for CBOT December corn as there will be no strong support above this July 12 low.
A downtrend is steady within a falling channel, and the minor rebound during the previous trading session has not formed a valid bullish reversal.
Resistance is at $6.40, a rise above which will violate the falling channel, and the contract will move into a new price band of $6.40-$6.52.
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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