CBOT corn may retest resistance at $3.61-1/2

By Times Of India on 08 Sep 2017 | read
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* For more technical analyses, please click SINGAPORE, Sept 7 (Reuters) - CBOT December corn may retest a resistance at $3.61-1/2 per bushel, a break above which could lead to a gain to the next resistance at $3.63-1/4. For a chart: http://tmsnrt.rs/2vO8DXk These resistances are identified respectively as the 50 percent and the 61.8 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the Aug. 31 low of $3.44-1/4. This wave could travel into a range of $3.63-1/4 to $3.69-3/4. On the daily chart, the contract seems to have broken a resistance at $3.59, the 23.6 percent Fibonacci retracement of the downtrend from the July 20 high of $4.06-3/4 to $3.44-1/4. For a chart: http://tmsnrt.rs/2vNXGF7 Based on this retracement analysis, the next resistance could be at $3.68, which is suggested by a falling trendline as well. Support is at $3.57, a break below which may cause a loss to $3.53-1/4(first chart). * Use EIKON news "Alerts" to get reports sent to your email box automatically. For guidance, click http://tmsnrt.rs/29exTKN ** 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. ** (Reporting by Wang Tao; Editing by Subhranshu Sahu)

 

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