CBOT corn poised to break resistance at $3.88-1/4

• The resistance is identified as the 100pc projection level of the upward wave c from $3.65-3/4.
• corn is poised to break a resistance at $3.88-1/4 and rise to $3.91-1/2 per bushel.

The resistance is identified as the 100pc projection level of the upward wave c from $3.65-3/4.

This wave has a better chance of extending into a range of $3.96-3/4 to $4.02, after briefly travelling into the range of $3.91-1/2 to $3.93-1/2.

A realistic target will be $3.91-1/2 which will only be confirmed when corn breaks $3.88-1/4.

The break will also confirm a bullish flag, which indicates a target much higher than $4.02.

Support is at $3.85, a break below which may cause a fall into the range of $3.79-1/2 to $3.82-3/4.