OREANDA-NEWS. March 10, 2015. CBOT May corn may rise into a range of \\$3.91-1/4 to \\$3.93 per bushel, as indicated by a wedge and a Fibonacci retracement analysis.

The pattern started from Jan. 30, with its two trendlines converging towards a point. Corn seems to have been bouncing up and down within these two lines. The upper trendline points \\$3.93 per bushel, the 76.4 percent Fibonacci retracement on the fall from the Feb. 27 high of \\$3.96-1/4 to the March 6 low of \\$3.83-1/4. However, the current bounce may end around \\$3.91-1/4 as well.

Support is at \\$3.88, the 38.2 percent level, a break below which may trigger a further loss to the 23.6 percent level at \\$3.86-1/4.