SINGAPORE: CBOT March corn may rise to $3.85, as it has more or less broken a resistance at $3.80-3/4 per bushel.
The resistance is provided by the 38.2 percent projection level of an upward wave C from $3.67-1/4. The surge on Wednesday has significantly increased the chance of this wave to extend into the range of $3.89-1/4 to $3.94-1/2. A realistic target will be $3.85.
On the hourly chart, corn is poised to break a resistance at $3.81-1/4, the 50 percent projection level of a small wave (c) from $3.71. A break could confirm the continuation of this wave towards the range of $3.83-1/2 to $3.91-1/2.
Support is at $3.78-3/4, a break below which could cause a loss into the zone of $3.73-3/4 to $3.75-3/4.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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