TECHNICALS-CBOT corn to fall toward $4.71-1/4 to $4.74-1/4 range

SINGAPORE, May 13 (Reuters) - CBOT July corn CN26 may break a support at $4.77-1/4 per bushel, and fall toward a range of $4.71-1/4 to $4.74-1/4.

A five-wave cycle from $4.61 could have completed, following the market's failure to break a resistance at $4.81. The current correction is expected to extend into the territory of the wave 4.

A break above $4.81 may lead to a gain into $4.83-3/4 to $4.87-1/4 range. On the daily chart, the market failed twice to break a resistance at $4.81-1/2.

The failures also suggest a completion of the rise from $4.61, or the first part of the rise. The correction triggered by the resistance could at least last one day or extend to $4.72-1/2.

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.