TECHNICALS-CBOT corn may fall into $4.44-3/4 to $4.46-3/4 range

SINGAPORE, April 6 (Reuters) - CBOT corn CK26 may fall into a range of $4.44-3/4 to $4.46-3/4 per bushel range, driven by a wave c.

A projection analysis reveals that this wave has briefly travelled twice below the 123.6% projection level of $4.49-1/4. It is highly likely to extend into the range of $4.42-3/4 to $4.46-3/4.

Resistance is at $4.50-3/4, a break above which could lead to a gain to $4.53-1/4. On the daily chart, a rising trendline indicates a target around $4.45-1/4.

The two long-shadowed candlesticks on April 2 and April 3 are classified as shooting stars, signalling a cautious market sentiment and a strong resistance at $4.59-1/2

The contract is more likely to fall than to rise.

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.