CBOT corn may revisit Dec. 2 low of $4.14-1/2

SINGAPORE: CBOT March corn may revisit its Dec. 2 low of $4.14-1/2 per bushel, as a bounce from this level may have completed.

The bounce was driven by a wave b, the second wave of a three-wave cycle from $4.39-1/2.

The third wave labelled c is unfolding towards a range of $4.02-1/2 to $4.12, formed by its 100% and 61.8% projection levels.

A retracement analysis on the rise from $3.96 to $4.39-1/2 reveals a target of $4.12-1/2, the 61.8% level, which is close to $4.12.

Resistance is at $4.20-1/4, a break above which may lead to a gain to $4.24. On the daily chart, corn has broken a rising trendline.

The break signals a reversal of the uptrend from $3.31-1/2. The contract is expected to retest a support at $4.14.

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