Thursday, October 14, 2010

Corn Technicals from Reuters

SINGAPORE, Oct. 14 (Reuters) - The CBOT corn December contract <CZ0> is technically neutral as it is doubtful if the uptrend can continue.

Corn needs to stand above a pivotal resistance at $5.89 to confirm a more explosive rally towards $6.20. On the other hand, a break below the lower channel line and a possible completion of the wave "5" have dimmed the bullish outlook.

A fall below a minor support at $5.67 will limit its loss to the wave "4" trough at $5.54, as the retracement is expected to be shallow.

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