CBOT corn may retest support at $4.34-3/4

SINGAPORE, July 15 (Reuters) - CBOT September corn CU26 may retest support at $4.34-3/4 per bushel; a break below could trigger a fall to $4.31-3/4.

The current bounce from $4.34-3/4 is partly due to support at the 61.8% retracement of the uptrend from $4.26-3/4 and partly to support provided by a rising trendline.

The bounce seems to have lost its momentum around $4.39-1/2. Strategically, a break below $4.37 may confirm a completion of the bounce and a continuation of the downtrend.

A break above $4.39-1/2 may lead to a gain to $4.42-1/2. On the daily chart, the market briefly pierced below a support at $4.39.

The market may retrace toward $4.30, a support established by the lower channel, as indicated by a short rising channel.