CBOT corn may stabilise around $4.76 and rise

SINGAPORE, July 28 (Reuters) - CBOT December corn CZ26 may stabilise around a support at $4.76 per bushel, and resume its rise towards $4.87-3/4.

The fall from $4.92 is presumed to be 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 an upward wave 5.

This bullish wave count has to be revised, if the market closes below the previous session's low of $4.71-1/4. On the hourly chart, the contract has indeed stayed above the support at $4.72-1/4.

Strategically, a break above $4.78-1/4 would signal the continuation of the uptrend, as the bounce triggered by the support at $4.72-1/4 may prove to be a pullback towards the rising trendline.

A break below $4.72-1/4 could be followed by a drop into the $4.62-3/4 to $4.67-1/2 range.