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Corn Wave Analysis – 13 February, 2019

  • Corn reversed from support area
  • Further gains are likely

Corn recently reversed up from the support area lying between the key support level 372.00 (which has been reversing the price from the end of December), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from November.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star.

Corn is expected to rise further and re-test the next resistance level 385.00 (monthly high from December).

1550073966CORUSD

 

Source: FxPro


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