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Corn Wave Analysis – 16 April, 2019

  • Corn reversed from resistance level 360.00
  • Further losses are likely

Corn recently reversed down from the pivotal resistance level 360.00 (former strong support from February and March) – which also reversed the price earlier this month.

The downward reversal from the resistance level 360.00 started the active short-term impulse wave (iii) of the longer-term downward impulse wave (C) from December.

Corn is expected to fall further and re-test the next key support level 350.00 (low of the previous impulse wave (i) ).

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Source: FxPro


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