SINGAPORE: 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.