Monday, October 4, 2010

Corn Technicals from Reuters

SINGAPORE, Oct 4 (Reuters) - The CBOT corn December contract could fall to $4.42 per bushel, as per a Fibonacci ratio analysis.

The rise from $4.15-½   to $5.28-¾   is labeled with a five wave mode, and a Fibonacci retracement analysis presents a very bearish scenario as the 61.8 percent level of 4.58-¾   failed to hold up the drop. As a result, the rise could reverse totally.

A quick recovery of the price to $4.65 would indicate a temporary end of the sharp fall, and corn may either hover around that level for one trading session or rebound more to $4.73.

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