Friday, October 15, 2010

Corn Technicals from Reuters

SINGAPORE, Oct 15 (Reuters) - CBOT December corn <CZ0> is technically neutral as it is trapped within a narrow range between $5.53 and $5.89 per bushel.

A rise above pivotal resistance at $5.89 could trigger a very explosive rally towards $6.20, as the current five-wave cycle will make up a bigger wave, and a new rally would be the stronger wave three.

A retracement from the current level could find strong support at $5.53, and will be limited to $5.37 should $5.53 fail to hold up the fall.

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