Tuesday, October 5, 2010

Corn Technicals from Reuters

SINGAPORE, Oct. 5 (Reuters) - CBOT corn's December contract <CZ0> is expected to rebound more to $4.85, as a pullback towards an ascending trendline that was broken on Sept. 30.

Corn refused to drop more after piercing briefly a strong support at $4.58-¾   - the 61.8 percent Fibonacci retracement level on the rise from $4.15-½   to $5.28-3/4.

The rebound on Monday has signaled a possible end of the fall, in the pattern of an "a-b-c" wave mode, with the wave "c" completing at $4.54-1/2.

Support is at $4.64, a fall below which would indicate a return of the price to $4.54-1/2. 

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