Corn may retest resistance at $4.46 after a shallow drop

SINGAPORE, July 13 (Reuters) - CBOT September corn CU26 may retest resistance at $4.46 per bushel, probably after a shallow correction into the $4.40 to $4.41-1/2 range.

Identified as the 50% projection level of wave c from $4.26-3/4, the resistance triggered a correction that may either partially or fully cover the gap formed on Monday.

This wave is expected to travel to $4.50-3/4, its 61.8% level. A break above $4.46 could confirm this target. A break below $4.40 could be followed by a further drop to $4.35-3/4.

On the daily chart, the market has cleared a resistance at $4.39. It is expected to test the next resistance at $4.49, a break above which could open the way toward $4.59.

The market is unlikely to overcome this barrier on its first attempt, as it is reinforced by another barrier at $4.50-3/4 (hourly chart).