CBOT corn may test resistance at $3.82-3/4

• The resistance is identified as the 38.2% retracement of the downtrend from $3.94 to $3.76.
• The fall triggered by the higher resistance at $3.85 is regarded as a pullback towards a falling trendline.

SINGAPORE: CBOT March corn may test a resistance at $3.82-3/4 per bushel, a break above which could lead to a gain to $3.85.

The resistance is identified as the 38.2% retracement of the downtrend from $3.94 to $3.76.

The fall triggered by the higher resistance at $3.85 is regarded as a pullback towards a falling trendline. The pullback could have ended.

Support is at $3.80, a break below which could cause a fall into $3.76 to $3.77-1/4 range.

On the daily chart, a projection analysis on the target of an upward wave C from $3.71 reveals a strong support at $3.77-1/2, the 14.6% level, around which, a bottom has developed.