CBOT corn may revisit Dec. 13 high of $3.64-3/4

SINGAPORE: CBOT March corn may break a resistance at $3.62 per bushel and rise towards the Dec. 13, 2016 high of $3.64-3/4, driven by a wave c.

The resistances is provided by the 86.4 percent Fibonacci retracement on the downtrend from $3.64-3/4 to the Dec. 23, 2016 low of $3.45-1/2. Wave pattern indicates that corn is riding on a wave c, the third wave of a three-wave cycle from the Dec. 1, 2016 low of $3.41-3/4.

A Fibonacci projection analysis reveals a target of the wave c at $3.68-1/2, the 100 percent level. A more realistic target could be $3.64-3/4. A correction from the current level could be limited to $3.60.