TECHNICALS-CBOT corn may retest support at $4.60-3/4

SINGAPORE, March 13 (Reuters) - CBOT corn CK26 may retest support at $4.60-3/4 per bushel, a break below which could trigger a fall into $4.52-1/2 to $4.57 range.

The rise from $4.45-1/2 may have been driven by a wave (b), the second wave of a three-wave cycle from $4.76. This wave could be totally or partially reversed by the current wave (c).

Immediate resistance is at $4.64-1/4, a break above which may lead to a gain into $4.68-3/4 to $4.71-3/4 range. On the daily chart, a long-shadowed doji formed on Thursday, suggesting a completion of the bounce triggered by the support at $4.48.

The contract is expected to test the support at $4.59-1/2, a break below which may be followed by a fall toward $4.53-1/4.

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.