CBOT corn may rise to $3.85

SINGAPORE: CBOT March corn may rise to $3.85, as it has more or less broken a resistance at $3.80-3/4 per bushel.

The resistance is provided by the 38.2 percent projection level of an upward wave C from $3.67-1/4. The surge on Wednesday has significantly increased the chance of this wave to extend into the range of $3.89-1/4 to $3.94-1/2. A realistic target will be $3.85.

On the hourly chart, corn is poised to break a resistance at $3.81-1/4, the 50 percent projection level of a small wave (c) from $3.71. A break could confirm the continuation of this wave towards the range of $3.83-1/2 to $3.91-1/2.

Support is at $3.78-3/4, a break below which could cause a loss into the zone of $3.73-3/4 to $3.75-3/4.