TECHNICALS-CBOT corn may fall into $4.35-3/4 to $4.38-1/4 range

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SINGAPORE, June 2 (Reuters) - CBOT July corn CN26 may fall into a range of $4.35-3/4 to $4.38-1/4 per bushel, as it has broken a support at $4.42.

A projection analysis of the downtrend from $4.84-1/4 reveals this key support, which is the 161.8% level. This barrier only triggered a very weak bounce to $4.45-1/4.

The downtrend is expected to continue, given that it failed to reverse at $4.42. A break above $4.45-1/4 may lead to a gain into the $4.48-1/4 to $4.52 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 around $4.33-1/2.

A break above $4.49-1/2 will invalidate this pattern.

** 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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