TECHNICALS-CBOT corn to retest resistance at $4.77-1/4

SINGAPORE, May 12 (Reuters) - CBOT July corn CN26 may retest a resistance at $4.77-1/4 per bushel, a break above which could lead to a gain to $4.81-1/4.

An inverted head-and-shoulders is developing. It would be confirmed when the market breaks $4.77-1/4, suggesting a target of $4.83-3/4.

Immediate support is at $4.74-1/4, a break below which could trigger a fall to $4.71-1/4. A further drop would make the inverted head-and-shoulders invalid.

On the daily chart, the market has broken above the 38.2% retracement of $4.72-1/2, it might extend gains to the 23.6% level of $4.78-1/4.

It is still too early to conclude that the uptrend from $4.48-1/2 has resumed. A break above $4.78-1/4 would be the very early sign of the resumption.

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.