CBOT corn to fall to $4.78-1/4
CORN•CBOT December corn is expected to fall to $4.78-1/4 per bushel after breaking support at $4.83-1/4, with a break below $4.80-3/4 confirming that target.
1. Corn technical outlook
CBOT December corn is expected to fall to $4.78-1/4 per bushel after failing to break resistance at $4.87-1/4 and breaking support at $4.83-1/4. Support at $4.80-3/4 could interrupt the decline; a break above $4.83-1/4 could lead to $4.85-1/4 to $4.86-3/4.
2. Daily chart levels
A doji on Tuesday indicates a completion of the bounce from $4.70-1/4, and the contract may retest support at $4.73. The wave pattern indicates a further slide toward $4.57-1/4.
