SINGAPORE: CBOT December corn may keep rising to $7.76 per bushel, the Oct. 11 high, as it has reversed 76.4 percent the preceding fall from $7.76 to $7.10-1/2.
Chances are the fall could be totally reversed. However, corn needs to stand firm above the resistance at $7.60-1/2 before being able to head towards $7.76.
The resistance is provided by the 76.4 percent Fibonacci retracement and may serve as a peak of the short-term uptrend from $7.10-1/2 as well.
A drop to $7.53 could signal either a consolidation within the range of $7.51-$7.60 or a bearish reversal at $7.60-1/2.
Comments
Comments are closed.