Friday, October 1, 2010

Corn Technicals from Reuters

SINGAPORE, Oct.1 (Reuters) - CBOT corn's December contract <CZ0> could retrace further to $4.72 per bushel after falling through two ascending trendlines.

The fall below the second trendline indicates strong bearish momentum towards $4.72 - the 50 percent Fibonacci retracement level on the rise from $4.15-½   to $5.28-3/4.

Resistance is at $4.97, a break above which would trigger a rebound towards $5.08.

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