TECHNICALS-CBOT corn may test resistance at $4.32-1/4

SINGAPORE, Jan 26 (Reuters) - CBOT March corn CH26 may test resistance at $4.32-1/4 per bushel, a break above which could trigger a gain into $4.33-1/2 to $4.34-1/4 range.

A projection analysis on the uptrend from $4.19-3/4 reveals a break above the resistance at $4.30-1/2, the 138.2% projection level.

The next resistance is at $4.32-1/4. Support is at $4.29-1/4, a break below which could trigger a fall into $4.27-1/2 to $4.28-3/4 range.

On the daily chart, the contract has broken a resistance at $4.28. The break opened the way toward the range of $4.33-1/2 to $4.39-1/4.

The further the market rises, the more likely to uptrend from $4.10-1/4 resumes.

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.