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CBOT corn may rise into $4.52 to $4.53-3/4 range

By Reuters News

SINGAPORE, Nov 12 (Reuters) - CBOT December corn may rise into a range of $4.52 to $4.53-3/4 per bushel, driven by a wave c.

The bounce from $4.38 may consist of three waves. So far, only two have unfolded. The third wave, the wave c, is travelling toward the peak of the wave a around $4.56.

Strategically, the target zone of $4.52 to $4.53-3/4 will be confirmed when the market breaks $4.49-1/4. The support is at $4.46-1/4, a break below which may trigger a fall into the $4.43 to $4.44-3/4 range.

On the daily chart, the current bounce is considered to be against the downtrend from the October 7 high of $5.09-3/4. A retracement analysis on the trend reveals a target zone of $4.65-1/4 to $4.73-3/4.

A continuation of the downtrend will only be confirmed when the contract breaks $4.37-3/4.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on Workspace - a platform provided by London Stock Exchange.

** No information in this analysis should be considered business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses. ​


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