CBOT corn may test resistance at $3.80-3/4

• The resistance is identified as the 23.6pc projection level of a presumed wave C from $3.85.
• Support is at $3.78, a break below which could cause a fall into the range of $3.73-3/4 to $3.76.

SINGAPORE: CBOT March corn may test a resistance at $3.80-3/4 per bushel, a break above which could lead to a gain to $3.82-1/4.

The resistance is identified as the 23.6pc projection level of a presumed wave C from $3.85.

This wave count will be aborted, once corn stands above $3.82-1/4, as a bullish wedge will be confirmed then, which suggests a target around $3.94.

Support is at $3.78, a break below which could cause a fall into the range of $3.73-3/4 to $3.76.

Signals are a bit neutral on the daily chart, as corn is stuck in a range of $3.76-3/4 to $3.80-1/2, formed by the 14.6pc and the 23.6pc retracements of the downtrend from $4.11-3/4 to $3.71.