TECHNICALS-CBOT corn may extend gains to $4.89-1/2

SINGAPORE, May 5 (Reuters) - CBOT July corn CN26 may extend gains to $4.89-1/2 per bushel, as it has briefly pierced above a resistance at $4.86.

A projection analysis of the uptrend from $4.52-1/4 points to this target: the 261.8% level. Once the market reaches this target, it is likely to rise further toward $5.04, as suggested by the channel.

Support is at $4.84; a break below could trigger a fall into the $4.80-1/2 to $4.82-3/4 range. On the daily chart, the market has broken a key resistance at $4.82, the 61.8% projection level of a wave C from $4.48-1/2.

The break confirms an extension of this wave toward $5.02-3/4.

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.