TECHNICALS-CBOT corn may retest support at $4.27-1/2

SINGAPORE, Jan 30 (Reuters) - CBOT March corn CH26 may retest support at $4.27-1/2 per bushel, a break below which may trigger a fall to $4.25-3/4.

The sudden fall from the Thursday high of $4.34 suggests a completion of a wave C and a reversal of the uptrend from $4.17. The contract may drop toward the bottom of a wave b around $4.26.

Resistance is at $4.31-1/2, a break above which may lead to a gain into $4.33-1/2 to $4.35-1/4 range. On the daily chart, the contract failed twice to break resistance at $4.32-3/4.

The failure is likely to be followed by a fall toward $4.24-1/2.

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.

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