Thursday, September 30, 2010

Corn Technicals from Reuters

SINGAPORE, Sept 30 (Reuters) - CBOT corn December contract is expected to rise to $5.18 per bushel as the correction may have been completed at Wednesday's low of $4.83-3/4. 

A long-shadowed white hammer formed on daily candlestick chart on Wednesday (chart not given) signals a bullish reversal. 

Corn may correct moderately to $5.00 before resuming the rally towards $5.18, as a resistance is observed at $5.06-1/4, the 50 percent Fibonacci retracement level on the fall from $5.28-¾   to $4.83-3/4.

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