SINGAPORE: CBOT December corn may temporarily stabilize around a support at $3.69 per bushel and bounce towards a resistance at $3.73-1/2.
The support and the resistance are identified respectively as the 50 percent and the 38.2 percent retracements of the uptrend from $3.50-1/4 to $3.88.
Working together with the support is another one at $3.68-3/4, the 23.6 percent retracement of the downtrend from $4.29-1/2 to $3.50-1/4. Chances are high for the downtrend to pause around these two supports.
Eventually, these supports will be broken, as the downtrend has adopted a five-wave mode. The fifth wave labelled v is expected to start around $3.73-1/2, and then travel towards the range of $3.59 to $3.64-1/2.
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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