TECHNICALS-CBOT corn may retest support at $4.21

SINGAPORE, Jan 23 (Reuters) - CBOT March corn CH26 may retest support at $4.21 per bushel, a break below which could trigger a fall into a wide range of $4.17 to $4.19-3/4.

The support triggered a bounce, which is considered a pullback toward a rising trendline. The uptrend from $4.17 consists of three waves.

The bottom of the wave b at $4.19-3/4 serves as target. Resistance is at $4.23-3/4, a break above which may lead to a gain into $4.24-1/2 to $4.25-3/4.

On the daily chart, the contract failed to bounce above a resistance at $4.28. The bounce might have been driven by a wave d, the fourth wave of a five-wave cycle from $4.53.

This wave is expected to be followed by the fifth wave, the wave e, which may travel into $4.10 to $4.16-1/2 range.

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.