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CBOT corn to hover above $4.42-1/2

By Reuters News

SINGAPORE, Nov 11 (Reuters) - A bearish target of $4.25-3/4 per bushel has been aborted for CBOT December corn as the market reacted strongly to the support at $4.42-1/2.

There was a false break below the support at $4.42-1/2. The market is likely to bounce further or hover above this level for a few days.

The 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.

On the hourly chart, the market is expected to retest a resistance at $4.53-3/4, a break above which could lead to a gain into the $4.56-3/4 to $4.56-3/4 range.

Immediate support is at $4.47-1/2, a break below which could trigger a fall into $4.43 to $4.44-3/4 range.

* 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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