Tuesday, October 12, 2010

Corn Futures from Reuters

SINGAPORE, Oct 12 (Reuters) - CBOT corn's December contract is seen consolidating between $5.55 and $5.73 per bushel for one trading session before resuming a rally.

The consolidation is labeled as a wave "4" retracement, which may have completed at $5.55 - the 23.6 percent Fibonacci retracement level on the rise from $4.95-¾   to $5.73-¼   - as the trend development of corn is characterised by shallow retracements.

A further fall below a minor support at $5.54-½   would extend to $5.43-½   - the 38.2 percent Fibonacci retracement level.

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