CBOT corn may retest resistance at $4.87-3/4

SINGAPORE, July 29 (Reuters) - CBOT December corn CZ26 may retest resistance at $4.87-3/4 per bushel, a break above which could lead to a gain to $4.95-3/4.

The drop from $4.92 seems to have been driven by a wave 4, the fourth wave of a five-wave cycle from $4.56-3/4. This wave is expected to be reversed by the current wave 5.

This bullish wave count has to be revised if the market breaks below $4.76. Such a break would open the way toward $4.56-3/4 to $4.66-1/2 range.

On the hourly chart, the contract has climbed above a rising trendline. This is interpreted as a bullish sign that the uptrend remains intact.

The nearest support is at $4.78-1/4, a break below which could trigger a fall to $4.72-1/4.