TECHNICALS-CBOT corn may test resistance at $4.49-1/4

SINGAPORE, April 9 (Reuters) - CBOT corn CK26 may test a resistance at $4.49-1/4 per bushel, a break above which could lead to a gain into $4.50-3/4 to $4.53-1/4 range.

The market found a strong support at $4.42-3/4, the 161.8% projection level of a wave c from $4.70-1/2. There is an early sign that this wave may have ended around this barrier.

A falling trendline suggests a further rise toward $4.50-3/4. Support is at $4.46-3/4, a break below which could trigger a drop into the $4.42-3/4 to $4.44-3/4 range.

On the daily chart, a hammer formed around a support at $4.42-3/4, the 38.2% projection level of a wave C from $4.26. This reversal pattern is likely to be followed by a rise to $4.53-1/4, as the market has climbed above the $4.48 resistance.

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.