CBOT corn to retrace into $5.04 to $5.05-3/4 range
CORN•CBOT December corn is expected to retrace into a range of $5.04 to $5.05-3/4 per bushel after failing to break resistance at $5.09.
1. Corn resistance and support
The failure to break $5.09 suggests a small wave c from $4.95-3/4 may be complete, or that its first part is complete. Resistance is strengthened by a similar level at $5.08, while the contract stabilized above support at $4.98-1/4 and a rising trendline.
2. Further bounce possible
It may be too early to conclude that the uptrend from $4.25-3/4 has resumed, but a further bounce appears likely.
