TECHNICALS-CBOT corn may climb into $4.35 to $4.39-1/4 range

SINGAPORE, Jan 29 (Reuters) - CBOT March corn CH26 may climb into a range of $4.35 to $4.39-1/4 per bushel, as it has broken a resistance at $4.30-3/4.

The current rise is tentatively classified as a bounce against the drop from $4.53. The bounce closely observes a series of retracements on the fall.

However, the bounce may turn out to be an extension of the uptrend from $4.10-1/4, given that the market has been rising steadily and systematically.

On the hourly chart, a projection analysis shows support at $4.29-1/4; a break below it may trigger a fall into the $4.26-1/2 to $4.27-1/2 range.

A rise suggesting a target of $4.35-1/4, close to the low of the range of $4.35 to $4.39-1/4 (daily chart).

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.

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