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Corn Wave Analysis – 18 January, 2019

  • Corn reversed from support area
  • Further gains are likely

Corn recently reversed up from the support area lying between the key support level 372.30 (which stopped the previous wave (a) in December), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.

The upward reversal from the aforementioned support area created the weekly Japanese candlesticks reversal pattern Morning Star – which started the active impulse wave 5.

Corn is expected to rise further and re-test the next resistance level 386.50 (top of the previous impulse wave 3 from December).

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Source: FxPro


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