TECHNICALS-CBOT corn may test resistance at $4.87-3/4

SINGAPORE, July 23 (Reuters) - CBOT December corn CZ26 may test resistance at $4.87-3/4 per bushel, a break above which could lead to a gain into the $4.90-1/2 to $4.93-1/2 range.

A wave C from $4.47-1/2 is unfolding toward one of its possible endpoints at $4.87-3/4. The other endpoint will be $5.03.

Support is at $4.82-1/4, a break below which could trigger a fall to $4.78-1/4, as pointed by a rising trendline. A lower target of $4.72-1/4 will be established if the market breaks $4.78-1/4.

On the daily chart, a bullish pennant has been confirmed, indicating a target of $4.95-3/4. Once the contract climbs to this level, it is likely to rise further to $5.06-3/4.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - London Stock Exchange product.

** No information in this analysis should be considered business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.

(Reporting by Wang Tao; Editing by Sonia Cheema)

((wang.tao@tr.com; +65 6973 8364/9188 4196 (Whatsapp))