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

SINGAPORE, May 6 (Reuters) - CBOT July corn CN26 may fall into a range of $4.73-1/2 to $4.75-1/4 per bushel, as it has escaped from a rising channel.

The escape suggests a reversal of the uptrend from $4.52-1/4. A duplicated channel points at a target around $4.69-3/4.

Resistance is at $4.78-3/4, a break above which may lead to a gain into the $4.79-3/4 to $4.80-1/2 range. On the daily chart, there was a false break above a key resistance at $4.82.

Either the contract is experiencing the second pullback toward the trendline or the uptrend from $4.48-1/2 has reversed. In either case, the market is likely to retrace to $4.69-1/4.

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.