TECHNICALS — CBOT corn may fall into $5.22 — 1/4 to $5.24 — 1/2 range

For more technical analysis, please click TECH/C SINGAPORE, Sept 18 (Reuters) — CBOT December corn may break a support at $5.28 per bushel, and fall into $5.22-1/4 to $5.24-1/2 range. The contract has fallen below a rising channel. The fall confirmed a completion of the bounce from $5.23-1/4. A duplicated channel indicates a target of $5.22-1/4. Resistance is at $5.30-3/4, a break above which could lead to a gain into $5.33-3/4 to $5.37-1/4 range. On the daily chart, the uptrend from $4.57-1/4 was assumed to have continued. However, this bullish assumption has to be revised, as the market not only failed to break a resistance at $5.39-1/4, but also pierced below the support at $5.28-1/4. A break below the support at $5.28-1/4 is likely to be followed by a drop to $5.23-1/2. The drop would confirm the extension of the short downtrend from $5.49-3/4. 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 - London Stock Exchange product. * No information in this analysis should be considered business, financial, or legal advice. Each reader should consult their own pr