TECHNICALS-CBOT corn may fall further to $4.61

SINGAPORE, May 7 (Reuters) - CBOT July corn CN26 may fall further to $4.61 per bushel, as suggested by a projection analysis and a channel technique.

A series of projection levels on the uptrend from $4.52-1/4 still work very well. The market is consolidating briefly in the narrow range of $4.64-1/2 to $4.66-1/2.

A channel duplicated from the upper channel points at the target of $4.61. A break above $4.66-1/2 may lead to a gain into $4.68-1/2 to $4.69-3/4 range.

On the daily chart, a retracement analysis on the uptrend from $4.48-1/2 to $4.87-1/4 reveals a target zone of $4.57-3/4 to $4.63-1/4, as it is not very clear if the fall stops around $4.63 or $4.57.

Signals on the hourly chart suggests a drop below $4.63-1/4.

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.