CBOT corn to fall into $4.87-3/4 to $4.94-3/4 range
CORN•Daily trend remains intact
On the daily chart, the uptrend from $4.57-1/4 remains intact, which is riding on a wave C that is capable of travelling to $5.23-1/2.
The trend is expected to resume upon the completion of the correction.
Technical levels and targets
A retracement analysis on the cycle reveals a target zone of $4.87-3/4 to $4.94-3/4, formed by the 38.2% and 23.65 levels. Resistance is at $5.03, a break above which could lead to a gain to $5.06-1/2.
CBOT December corn expected to break support
CBOT December corn CZ26 is expected to break support at $4.99-1/4 per bushel and fall into a wide range of $4.87-3/4 to $4.94-3/4.
The possible completion of a five-wave cycle from $4.57-1/4, along with the bearish divergence on the hourly MACD, suggests a further slide.
