TECHNICALS-CBOT corn may retrace into $4.19-3/4 to $4.21-3/4 range

SINGAPORE, Jan 20 (Reuters) - CBOT March corn CH26 may retrace into a range of $4.19-3/4 to $4.21-3/4 per bushel, following the completion of a wave c from $4.19-3/4.

This is the third wave of a bounce from $4.17. The current fall is expected to extend into the range of $4.21 to $4.21-3/4, as pointed by a rising trendline.

The bottom of the wave b at $4.19-3/4 serves as a lower target. Resistance is at $4.24-1/2, a break above which could lead to a gain into $4.25-1/2 to $4.26-1/4 range.

On the daily chart, the bounce from $4.17-1/4 looks incomplete, as it is considered the same degree as the one from the January 5 low of $4.36-1/4.

The bounce is expected is expected to resume upon the completion of the shallow correction.

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.