Technicals-CBOT corn may rise to $4.87
CORN•Corn futures break above resistance
SINGAPORE, Aug 17 (Reuters) - CBOT December corn CZ26 may rise to $4.87 per bushel, as it has broken a resistance at $4.83-1/2.
A retracement analysis on the downtrend from $4.91-3/4 reveals a break above the 76.4% level of $4.83-1/2. The break opened the way toward $4.87 to $4.91-3/4 range.
Further projection levels point higher
In addition to the series of retracements, the market also closely observes a series of projection levels on the uptrend from $4.57-1/2.
A break below $4.83-3/4, the 261.8% projection level, could trigger a fall into $4.81-1/2 to $4.82-3/4 range. On the daily chart, the contract is presumed to be riding on a wave C, which has travelled above its 38.2% projection level of $4.82-1/2.
This projection analysis marks a target of $4.98-1/4.
