TECHNICALS-CBOT corn may revisit January 17 high of $4.27-1/4

SINGAPORE, Jan 21 (Reuters) - CBOT March corn CH26 may revisit its January 17 high of $4.27-1/4 per bushel, as it has managed to hover above a rising trendline.

The intact trendline suggests a steady uptrend which seems to be extending toward $4.27-1/4. A retracement analysis on the downtrend from $4.48-3/4 to $4.17 reveals a target of $4.29-1/4.

Support is at $4.22-3/4, a break below which could trigger a fall into a range of $4.19-3/4 to $4.21-3/4. On the daily chart, the market stays firm above a support of $4.21-1/4.

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. A channel technique suggests a target zone of $4.28 to $4.33-1/2.

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.