Markets
CBOT corn may fall to $3.59
SINGAPORE: CBOT December corn may fall to $3.59 per bushel, as it has cleared a support at $3.63.
The support was pro
1 min
By
The support was provided by the 23.6 percent retracement of the uptrend from $3.42-1/2 to $3.69-1/2. The next support will be at $3.69, a break below which could cause a further loss to $3.56.
By classifying the pattern from the Aug. 29 low of $3.55-1/4 as an inverted head-and-shoulders, corn may slide to $3.56 as well, to complete the right shoulder.
A break above $3.63, now a resistance, may lead to a gain to $3.65-1/2.