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CBOT corn may bounce to $3.67-1/2
- The support is provided by the 107pc projection level of an uptrend from $3.35-1/2.
SINGAPORE: CBOT corn may bounce to $3.67-1/2 per bushel before retesting a support at $3.63-1/4, as suggested by a projection analysis.
The support is provided by the 107pc projection level of an uptrend from $3.35-1/2.
Corn failed twice to overcome this barrier.
A temporary bottom could have formed around this level.
A very strong bounce is unlikely. Instead, the bounce could be weak, limited to $3.67-1/2, as wave pattern suggests the progress of a downward wave c towards $3.56-1/2, the 38.2pc retracement of the uptrend from $3.20 to $3.79-1/4.
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