SINGAPORE: CBOT March corn will test a resistance at $6.52-1/2 per bushel, a barrier to an aggressive target at $6.76-1/4.
Obviously, the rise from the December 2011 low of $5.76-1/4 has not completed, as the correction from the Dec. 28 high of $6.46-1/4 has found a support at $6.38, the 61.8 percent Fibonacci retracement on the fall from $6.76-1/4 to $5.76-1/4.
With the current trend continuing to progress, the 76.4 percent retracement will be eventually reached.
A fall below $6.40 will neutralize the signal.
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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