SINGAPORE: CBOT corn may break a resistance at $3.83 per bushel, and rise to $3.90, as suggested by its wave pattern and a projection analysis.
The resistance is identified as the 38.2pc projection level of an upward wave C from $3.60-1/2.
This wave is capable of travelling to $3.96-3/4.
The shallow correction triggered by the resistance has ended around a support at $3.79-1/4, the Sept. 18 high.
There might not be the second correction towards this level.
On the daily chart, corn is poised to break a resistance at $3.83-3/4, the 61.8pc retracement of the downtrend from $4.23-1/2 to $3.20, as the bullish momentum looks extremely strong.
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