CBOT corn expected to fall toward $4.95-3/4
CORN•CBOT December corn is expected to fall toward $4.95-3/4 per bushel after failing to break resistance at $5.09, with further downside possible to $4.82-1/2 to $4.90-1/2.
1. Technical outlook
CBOT December corn is expected to fall toward $4.95-3/4 per bushel, the bottom of wave b, after the contract failed to break resistance at $5.09. Resistance is at $5.04; a break above it may lead to a gain into the $5.05-3/4 to $5.09 range. The daily-chart bounce has lost momentum around $5.08, increasing the chance of a slide to $4.82-1/2 to $4.90-1/2.
