Wednesday, October 13, 2010

Corn Technicals from Reuters

SINGAPORE, Oct. 13 (Reuters) - The CBOT corn December contract <CZ0> could climb up higher towards a range between $6.20 and $6.30 per bushel, as an upwards wave "5" is progressing.

The rise from the Oct. 4 low at $4.54-¼   adopted a five-wave mode, with the fiercest part labeled as a wave "3" and a completion of wave "4" at the Tuesday low of $5.54-1/2.

A projection of the wave "5" target is at $6.20, according to a rising channel drawn through the peaks of wave "1" and wave "4", and the troughs of wave "2" and wave "4".

Support is at $5.65-1/2, a fall below which would extend its loss to $5.54-1/2

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