SINGAPORE, June 4 (Reuters) - CBOT July corn CN26 may fall into a range of $4.16 to $4.22-1/4 per bushel, as suggested by a projection analysis.

The contract has briefly dropped below a support at $4.26, the 223.6% projection level of a downtrend from $4.84-1/4. Chances are it may extend into the range of formed by the 261.8% and the 238.2% levels.

Resistance is at $4.28-1/4, a break above could lead to a gain into the $4.32-1/4 to $4.35-3/4 range. On the daily chart, a double-top suggests a target of $4.20.

A projection analysis on the downtrend from $4.81-3/4 marks a similar target of $4.21-1/4. Resistance is at $4.29-1/4, a break above may lead to a gain into the $4.33 to $4.37 range.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.

** 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. ​

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