TECHNICALS-CBOT corn may fall into $4.73-1/2 to $4.75-1/4 range

SINGAPORE, April 30 (Reuters) - CBOT July corn CN26 may fall into a range of $4.73-1/2 to $4.75-1/4 per bushel, following its failure to break a resistance at $4.79-3/4.

After merely climbing above a resistance at $4.78-3/4, the market failed to break $4.79-3/4 again. Its frequent failures to overcome the barriers suggest an exhaustion of the rally.

A decent correction might have started, as indicated by the bearish divergence on the hourly MACD. A break above $4.78-3/4 may lead to a gain into the $4.80-1/2 to $4.82-3/4 range.

On the daily chart, the market faces a resistance at $4.79-1/4, which is near $4.79-3/4. A pullback toward a falling trendline is yet to occur, which may have just been triggered by the resistance at $4.79-1/4.

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.