CBOT corn may bounce into $3.50-1/2 to $3.56 range

SINGAPORE: CBOT December corn may bounce into a range of $3.50-1/2 to $3.56 per bushel as it has found a support at $3.40-1/2.

The support is provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the June 17 high of $4.49.

This barrier has caused a bounce towards the range formed by the 23.6 percent and the 38.2 percent Fibonacci retracements on the drop from the July 14 high of $3.80 to the July 20 low of $3.41-1/2.