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Corn Wave Analysis – 30 April, 2019

  • Corn rising inside wave (ii)
  • Further gains are likely

Corn opened today with the sharp upward gap – which follows the earlier upward reversal from the key support area lying between multi-month support level 342.00 and the lower daily Bollinger Band.

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

Corn is expected to rise further and re-test the next resistance level 365.00 (target price for the completion of the active correction (ii)).

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Source: FxPro


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