SINGAPORE, Oct 6 (Reuters) - The CBOT corn December contract <CZ0> is expected to retrace to $4.80 per bushel, as it has touched a trendline resistance at $4.95.
In addition to the resistance, a possible inverted head-and-shoulders pattern will also be prompt the correction to $4.80. Corn may resume its rally from that level as the drop from the wave"5" peak at $5.28-¾ is classified as a corrective "a-b-c" wave mode.
In addition to the resistance, a possible inverted head-and-shoulders pattern will also be prompt the correction to $4.80. Corn may resume its rally from that level as the drop from the wave"5" peak at $5.28-¾ is classified as a corrective "a-b-c" wave mode.
A rise above $5.00 would extend gains to $5.10.
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