SINGAPORE: CBOT May corn looks neutral in a range of $3.87-3/4 to $3.92-1/2 per bushel, and an escape will point a direction.
The range has been formed by the 23.6 percent and the 14.6 percent Fibonacci projection levels of a downward wave C, the third wave of a presumed three-wave cycle that developed from the Dec. 29 high of $4.25-1/4.
A break below $3.87-3/4 could cause a further loss to $3.80-1/4, the 38.2 percent projection level, while a break above $3.92-1/2 will open the way towards $4.00.
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