TECHNICALS-CBOT corn may retest support of $4.27-1/4

SINGAPORE, Feb 11 (Reuters) - CBOT March corn CH26 may retest a support of $4.27-1/4 per bushel, a break below which could trigger a fall to $4.25-1/4.

The uptrend from $4.17 could be roughly divided into five waves. This structure, along with the deep fall from $4.36, suggests a reversal of the trend.

Three small waves may make up the current fall. Two waves have completed. The third wave, the wave c, is expected to travel below $4.27-1/4.

Resistance is at $4.30-1/2, a break above which may lead to a gain into the $4.31-3/4 to $4.32-1/2 range. On the daily chart, the market failed to break a key resistance at $4.36-1/2.

The failure increases the chance of the downtrend from $4.48-1/2 to resume.

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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