Thursday, October 7, 2010

Corn Technicals from Reuters

SINGAPORE, Oct 7 (Reuters) - CBOT December corn <CZ0> may shoot up to $5.08-¼   per bushel, the wave "b" peak, as a consolidation between $4.87-¼   and $4.96-¼   may have ended.
Corn is characterized with its strong momentum when a trend is established such as a shallow retracement in an uptrend or a moderate rebound in a downtrend. 

A possible inverted head-and-shoulders pattern is developing, with a neckline at $4.96-1/4. A rise above that would lead to bullish target of $5.38. 

A fall from the current level may be limited to $4.80.

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