TECHNICALS-CBOT corn still targets $4.44-3/4 to $4.46-3/4 range

SINGAPORE, April 7 (Reuters) - CBOT corn CK26 still targets a range of $4.44-3/4 to $4.46-3/4 per bushel, as suggested by a projection analysis.

The contract is riding on a wave c, which 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 $4.55-3/4, a break above which could lead to a gain to the $4.57-1/4 to $4.59-3/4 range. On the daily chart, a rising trendline indicates a further fall towards $4.45.

Strategically, this target will be confirmed when the market breaks $4.48. A bounce towards $4.56-1/2 will be likely if the contract closes above $4.53-1/4 on Tuesday.

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.