TECHNICALS-CBOT corn may retest support at $4.26

SINGAPORE, Feb 19 (Reuters) - CBOT March corn CH26 may retest support at $4.26 per bushel, a break below which could open the way toward $4.23-1/4 to $4.24-1/4 range.

A wave c from $4.32-3/4 has briefly travelled below its 61.8% projection level of $4.26. Chances are this wave may extend to the 100% level of $4.21-3/4.

Resistance is at $4.28-1/2, a break above which could lead to a gain into $4.30-$4.31 range. On the daily chart, the contract has fallen below a rising channel.

A duplicated channel suggests a target of $4.17. A realistic target zone is from $4.19-1/2 to $4.22, which will be confirmed when the market breaks $4.24-3/4.

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.