CBOT corn may retest resistance at $5.03-1/4

By Reuters News

SINGAPORE, Oct 2 (Reuters) - CBOT December corn may retest resistance at $5.03-1/4 per bushel, a break above which could open the way toward the $5.07-3/4 to $5.11-1/4 range.

The contract stabilized around a support at $4.96-1/4, the 100% projection level of a wave c from $5.26. This level serves as one of this wave's endpoints.

A break below $4.96-1/4 would confirm the extension of this wave toward $4.85. On the daily chart, a rising trendline establishes a support around $4.98-1/4.

The spinning top on Thursday indicates a stabilization of the price and forthcoming bounce.

* 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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