Markets

CBOT corn to end rebound below $6.54-3/4

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The rebound is labelled wave "b", to end around the 61.8 percent Fibonacci retracement on the fall from $6.64-1/4 to $6.39-1/2.

A wave "c" will take over then, to drive the price down towards $6.30-1/2, the 38.2 percent Fibonacci retracement on the rise from $5.76-1/4 to $6.64-1/4.

Support is at $6.42, a break below which will confirm the dip towards $6.30-1/2.

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.

Copyright Reuters, 2011