TECHNICALS-CBOT corn retest resistance at $4.74-1/4 after shallow fall

SINGAPORE, May 11 (Reuters) - CBOT July corn CN26 may retrace to a support at $4.71-1/4 per bushel, stabilize and retest a resistance at $4.74-1/4.

Following the formation of a small inverted head-and-shoulders, a bigger such pattern might be developing. The right shoulder is expected to complete around $4.71-1/4.

The bigger inverted head-and-shoulders suggests a target of $4.87-1/2. A break above $4.74-1/4 may lead to a gain into $4.77-1/4 to $4.81-1/4 range.

On the daily chart, a long-shadowed hammer formed on Thursday, which has been confirmed as a bullish reversal pattern by the subsequent white candle.

Given that the market has pierced above the 38.2% retracement of $4.72-1/2, it might extend gains to the 23.6% level of $4.78-1/4.

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.