TECHNICALS-CBOT corn may retest resistance at $4.82-3/4

SINGAPORE, May 4 (Reuters) - CBOT July corn CN26 may retest a resistance at $4.82-3/4 per bushel, a break above which may lead to a gain toward $4.86.

The uptrend has been developing within a rising channel which remains intact. The uptrend is thus considered steady. A projection analysis on the uptrend from $4.52-1/4 suggests a target zone of $4.86 to $4.89-1/2.

Support is at $4.77-1/4, a break below which may trigger a fall into $4.73-1/2 to $4.75-1/4 range. On the daily chart, the contract is testing a key resistance at $4.82, the 61.8% projection level of a wave C from $4.48-1/2.

The big candlestick on May 1 suggests a good chance of the contract to break this level and rise toward $4.90.

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.