CBOT corn may retreat to $3.80 before rising

• The resistance is provided by the 38.2pc retracement of the fall from $3.94 to $3.76.
• The contract may have to accumulate more strength to retest $3.82-3/4.

SINGAPORE: CBOT March corn may retreat to a support at $3.80 per bushel, before retesting a resistance at $3.82-3/4.

The resistance is provided by the 38.2pc retracement of the fall from $3.94 to $3.76.

Strengthening this resistance is another similar one established by a falling trendline.

The contract may have to accumulate more strength to retest $3.82-3/4.

However, a fall below $3.80 is less likely, as corn is riding on a wave c, which may travel into $3.85-$3.87 range.