TECHNICALS-CBOT corn stabilize around $4.64-1/2 and rise

SINGAPORE, May 8 (Reuters) - CBOT July corn CN26 may stabilize around a support at $4.64-1/2 per bushel and retest a resistance at $4.68-1/2.

The right shoulder of an inverted head-and-shoulders is developing toward $4.64-1/2, close to the left shoulder. The pattern will be confirmed when the market breaks $4.68-1/2.

A bullish target of $4.73-1/2 will be established upon the break. A break below $4.64-1/2 would open the way toward the $4.61 to $4.63 range.

On the daily chart, a long-shadowed hammer formed on Thursday, signalling the completion of the fall from $4.87-1/4. The lower shadow marks a support zone, working together with the one at $4.63-1/4 to stop a further slide.

Indeed, signals on the hourly chart suggest a completion of the fall in the range of $4.63 to $4.64-1/2.

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.