SINGAPORE, June 3 (Reuters) - CBOT July corn CN26 may hover above $4.38-1/4 per bushel, as it has broken a support at $4.42.

A bullish divergence formed on the hourly RSI, suggesting an exhaustion of the fall. It is not very clear if the downtrend would reverse, as it has extended below $4.42, the 161.8% projection level.

However, the divergence is generally considered as a sign of forthcoming bounce. A break below $4.38-1/4 could trigger a fall into the $4.32-1/4 to $4.35-3/4 range.

On the daily chart, a double-top was confirmed, suggesting a target around $4.15. After breaking the neckline at $4.49-1/2, the market is yet to experience a pullback, which may occur, as suggested by the readings on the hourly chart.

** 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. ​