TECHNICALS-CBOT corn neutral in $4.25-3/4 to $4.29-1/4 range

SINGAPORE, Jan 28 (Reuters) - CBOT March corn CH26 looks neutral in a range of $4.25-3/4 to $4.29-1/4 per bushel, and an escape could suggest a direction.

It is not very clear that a correction triggered by the resistance at $4.31-1/4 is over. The correction consists of three small waves.

The peak of the wave b is around $4.29-1/4, a break above which could confirm the completion of the correction. A bullish target zone of $4.31-1/2 to $4.32-1/4 will be established accordingly.

Only a break below $4.25-3/4 could confirm the extension of the correction toward $4.23-3/4 to $4.24-1/2 range. On the daily chart, a retracement analysis on the fall from $4.53 reveals a similar neutral range of $4.25-1/2 to $4.30-3/4.

Wave pattern suggests a downside bias, as a downward wave e might be unfolding toward $4.19-1/2.

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.