CBOT corn may rise to $3.72

SINGAPORE: CBOT March corn may rise to $3.72 per bushel, as it has broken a resistance at $3.67-1/2.

The resistance was provided by the 61.8 Fibonacci retracement on the fall from the Dec. 18, 2015 high of $3.79-1/2 to the Jan. 7 low of $3.48-1/2. The next resistance will be at $3.72, the 76.4 percent level, a break above which could lead to a gain to $3.79-1/2.

The upper line of a channel duplicated from a lower channel suggests the target at $3.79-1/2 as well. Support is at $3.64, the 50 percent level, a break below which could lead to a loss to the 38.2 percent level at $3.60-1/4.