CBOT corn may rise to $3.83-1/4

• The support is identified as the 7% projection level of an upward wave C from $3.75-1/4.
• The strong bounce triggered by this support indicates a completion of the downtrend from the Jan. 29 high of $3.88-1/4.

SINGAPORE: CBOT March corn may rise to $3.83-1/4 per bushel, as it found a support at $3.76-1/2.

The support is identified as the 7% projection level of an upward wave C from $3.75-1/4.

The strong bounce triggered by this support indicates a completion of the downtrend from the Jan. 29 high of $3.88-1/4.

A head-and-shoulders developing from the Jan. 27 low of $3.77-1/4 has become invalid, due to this bounce. Given that corn has broken the resistance at $3.80, it may rise to $3.83-1/4.

On the daily chart, a target range of $3.65-3/4 to $3.73-1/4 was aborted. It will only be resumed when the contract falls below the Feb. 3 low of $3.76-1/2.