SINGAPORE: A bullish target at $6.78 per bushel has been established for CBOT December corn as its rise on Thursday violated the development of a short-term downtrend and turned the signals bullish.
Instead of resuming a preceding long-term downtrend after a rebound from the Oct. 3 low of $5.72-1/4, the contract just remained sideways between $6.32 and $6.65.
A second upward leg of the rebound, labelled as a wave "c", could have started at the Nov. 1 low of $6.31-1/2, towards $6.78, a 50 percent Fibonacci projection level.
Strategically, a rise above $6.60 is needed to confirm the progress of the wave "c", as corn is still likely to retrace to $6.40-3/4.
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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