SINGAPORE: CBOT March corn may break a support at $3.85-1/4 per bushel and fall further to $3.77-3/4, as indicated by a Fibonacci retracement analysis.
The support is provided by the 38.2 percent Fibonacci retracement on the fall from the Dec. 29, 2014 high of $4.17 to the Jan. 30 low of $3.65-3/4, blocking the way towards the 23.6 percent level at $3.77-3/4.
A drop to $3.84 will confirm both a break below $3.85-1/4 and the target at $3.77-3/4. Wave pattern suggests a good chance of a break, as corn is riding on a wave c, which has a fierce character.
Comments
Comments are closed.