CBOT corn neutral in $3.29-1/4 to $3.33-3/4 range

SINGAPORE: CBOT Dec. corn looks neutral in a range of $3.29-1/4 to $3.33-3/4 per bushel, and an escape could point a direction.

The range is formed by the 114.6 percent and the 100 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the June 17 high of $4.49.

A rise above $3.33-3/4 could be extended to $3.37-3/4, the 86.4 percent level, while a break below $3.29-1/4 could cause a loss to the 123.6 percent level at $3.26-1/2.

The bias could be towards the upside, as a five-wave cycle from the July 14 high of $3.80 could have ended at the Aug. 2 low of $3.29 or is ending around $3.29-1/4. A strong reversal of the downtrend may occur either today or early next week.