TECHNICALS-CBOT corn may retest support at $4.40-3/4

SINGAPORE, March 5 (Reuters) - CBOT corn CK26 may retest support at $4.40-3/4 per bushel; a break below that may trigger a fall to $4.38-1/4.

The bounce off support is classified as a pullback toward a rising trendline, but the pullback has been a bit overdone.

The pattern around $4.51-1/2 looks like a double-top, which has been confirmed, suggesting a target of $4.34. A break above $4.44-3/4 would lead to a gain to $4.47-1/4.

On the daily chart, the contract briefly pierced below the $4.42-3/4 support. It is likely to extend loss to the next support at $4.36-1/2.

The uptrend from $4.26 consists of three waves. The bottom of the wave b serves as a target, which is around $4.36-1/2.

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.