TECHNICALS-CBOT corn may test support at $4.25-1/2

SINGAPORE, Feb 4 (Reuters) - CBOT March corn CH26 may test support at $4.25-1/2 per bushel, a break below which could trigger a fall into $4.21 to $4.23-1/2 range.

Despite the strong bounce triggered by the support at $4.23-1/2, a channel technique still suggests a target around $4.21.

The bounce may end below $4.30. A bullish target of $4.34 will be established once the market breaks above $4.30. On the daily chart, the pattern from $4.48-1/2 appears to be a bearish flag, suggesting a target around $4.04.

The pattern remains valid because the market hovers below the $4.29 resistance level. A break may lead to a gain into $4.32-3/4 to $4.36-1/2 range.

Strategically, the $4.04 target will be reached when the market breaks $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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