Friday, 06 November 2015 15:58
SINGAPORE: CBOT March corn is expected to fall to $ 3.79-3/4 per bushel, as it has cleared support at $ 3.83.
Support was provided by the 50 percent Fibonacci projection level of a wave C, the third wave of a presumed three-wave cycle from the Oct. 7 high of $ 4.10. This wave could eventually travel to $ 3.69-1/2, its 100 percent projection level.
The next support will be at $ 3.79-3/4, the 61.8 percent level, a break below which could cause a loss to the 76.4 percent level at $ 3.75-3/4.
However, a surge to $ 3.84 could signal the break below $ 3.83 was false, and this surge may be extended to $ 3.86-1/4, the 38.2 percent level.
