CBOT corn may retest resistance at $3.83-1/4

• The resistance is identified as the 38.2pc projection level of an upward wave C from $3.75-1/4.
• Corn has briefly pierced above the resistance at $3.81-3/4, the 14.6pc retracement on the downtrend from $4.76 to $3.65-3/4.

SINGAPORE: CBOT March corn may retest a resistance at $3.83-1/4 per bushel, a break above which could lead to a gain to $3.85-3/4.

The resistance is identified as the 38.2pc projection level of an upward wave C from $3.75-1/4.

The contract has broken a falling trendline.

Its consolidation below $3.83-1/4 could be regarded as a pullback towards the line.

It is not very certain if the wave C has extended. The break above the trendline, however, does suggest a further rise. A break below $3.80 may cause a fall into $3.76-1/2 to $3.78-1/4 range.

On the daily chart, corn has briefly pierced above the resistance at $3.81-3/4, the 14.6pc retracement on the downtrend from $4.76 to $3.65-3/4. Chances are it may rise towards $3.91-3/4.