SINGAPORE: CBOT December corn may break a resistance at $3.63 per bushel and rise more towards $3.69-3/4.
The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave 3 that developed from the Oct. 20 low of $3.42. It is the last barrier towards $3.69-3/4, the 100 percent projection level.
The wave 3 has a fierce character and may easily break the resistance to extend further. Support is at $3.59, the 61.8 percent projection level, a break below which may trigger a further loss to $3.56, the 50 percent projection level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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