Wednesday, October 6, 2010

Corn Technicals from Reuters

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.
A rise above $5.00 would extend gains to $5.10.

No comments:

Post a Comment