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CBOT May corn to retrace to $6.45
SINGAPORE: CBO May corn will fall to $6.45 per bushel, as it has failed a resistance at $6.61.
The resistance is the 61
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The resistance is the 61.8 percent Fibonacci projection level of an upward wave "C" target, based on the length of wave "A" and the bottom of wave "B" at $6.26. A pullback has been triggered towards a trendline that descends from the Jan. 3 high of $6.72-1/2. Signals will be neutral if corn remains in a range between $6.45-$6.47 after the pullback. 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.