CBOT corn may retest support at $4.45-3/4

The contract is making its second attempt to break the resistance. Given its strong bullish momentum, it is likely to succeed.

Support is at $4.45-3/4, a break below which could trigger a fall to $4.41-1/4. On the daily chart, the market faces a strong resistance at $4.99, the 50% retracement of the fall from $4.91-3/4 to $4.00.

There might be either a consolidation below this level or a reversal of the uptrend from $4.06-1/4. A reversal will be confirmed when the market breaks $4.39.

A break above $4.49 will not be valid until the contract closes above it.

SINGAPORE, July 21 (Reuters) - CBOT September corn CU26 may retest support at $4.45-3/4 per bushel, a break below which may trigger a fall to $4.41-1/4.

The contract failed again to break a resistance at $4.50-1/4 and the upper trendline of a rising wedge. The lower trendline suggests a fall toward $4.41-1/4.

A break above $4.50-1/4 may lead to a gain into a range of to .