TECHNICALS-CBOT corn may fall into $4.26-3/4 to $4.27-3/4 range

SINGAPORE, Feb 13 (Reuters) - CBOT March corn CH26 may fall into $4.26-3/4 to $4.27-3/4 range, as it failed to break resistance at $4.31-3/4.

The failure suggests a completion of the bounce from $4.25. Due to this failure, the downtrend from $4.36 may resume. The target zone of $4.26-3/4 to $4.27-3/4 will be confirmed when the market breaks $4.29-1/4.

A break above $4.30-1/2 could lead to a gain into $4.31-3/4 to $4.33-1/2 range. On the daily chart, the rise from $4.25-1/4 will be considered a pullback toward a rising trendline, unless the contract breaks above $4.32-3/4.

The pattern from $4.48-1/2 still looks like a bearish flag, despite the weak bounce from $4.25-1/4. A close below the Thursday low of $4.27 would confirm the pattern.

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. ​