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Saturday, June 3, 2023

CBOT corn to fall to $3.83

CBOT corn to fall to .83SINGAPORE: CBOT March corn is expected to fall to $ 3.83 per bushel, as it has broken support at $ 3.86-1/4.

Support was provided by the 38.2 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle from the Oct. 7 high of $ 4.10.

This wave is capable of at least traveling to $ 3.79-3/4, the 61.8 percent projection level, which will be targeted when support at $ 3.83 is broken. A head-and-shoulders even suggests a lower target at $ 3.75-3/4, the 76.4 percent level.

A break above $ 3.86-1/4, now a resistance, could open the way towards the 23.6 percent level at $ 3.90-1/4.

Copyright Reuters, 2015

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