- Corn reversed from support area
- Further gains are likely
Corn recently reversed up with the daily Hammer from the support area lying between the multi-month support level 355.00 (which has been reversing the price from last September), lower daily Bollinger Band and the support trendline of the daily up channel from July.
The upward reversal from this support area started the active medium-term impulse wave (3).
Corn is expected to rise further and re-test the next resistance level 365.00 (top of the previous short-term correction (iv)).