SINGAPORE: CBOT March corn may break a resistance at $5.29 per bushel, and rise into $5.33-3/4 to $5.37-3/4 range.

The resistance is identified as the 23.6% retracement of the uptrend from $4.89-1/4 to $5.41-1/2. The correction from $5.41-1/2 ended around $5.15-1/4.

It is not very clear if the correction would extend. The clearer part is that corn may keep its current momentum and rise into the target zone.

Support is at $5.21-1/2, a break below which could confirm the extension of the fall towards $5.09 to $5.15-1/4 range.

On the daily chart, the long-shadowed hammer forming on Wednesday looks like a typical bullish reversal pattern, marking the end of a correction from the Jan. 13 high of $5.41-1/2. The contract may retest a resistance at $5.38-1/2.

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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 as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.