TECHNICALS-CBOT corn signals mixed

SINGAPORE, Feb 12 (Reuters) - Signals are mixed for CBOT March corn CH26 as it keeps swinging back and forth around a rising trendline.

The strong bounce triggered by the support at $4.25-1/2 per bushel might be classified as a pullback toward the trendline, or a continuation of the uptrend from $4.17.

The bounce defines a neutral range of $4.25-1/2 to $4.28-3/4, and an escape from which would suggest a direction.

A break above $4.28-3/4 would confirm the extension of the uptrend, while a break below $4.25-1/2 could signal the continuation of the wave c toward $4.22.

On the daily chart, a hammer formed on Wednesday, which would only be confirmed as a bullish reversal pattern when the market breaks above $4.29.

The market is biased to fall, as it 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. ​