CBOT corn may fall towards $3.45-3/4

SINGAPORE: CBOT March corn may break a support at $3.47-3/4 per bushel and fall towards $3.45-3/4, as suggested by a projection analysis and a falling channel.

The support is at the 114.6 percent Fibonacci projection level of the wave c, the third wave of a three-wave cycle from $3.60-1/2. This wave has been developing within a falling channel, which suggests a target around $3.45-3/4.

Only a break above $3.50-3/4 could confirm a completion of the wave c, and a bullish target at $3.53-3/4 will be established then.