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Corn Wave Analysis – 20 May, 2019

  • Corn broke resistance level 386.00
  • Further gains are likely

Corn continues to rise after the recent breakout of the multi-month resistance level 386.00 (top of the previous medium-term ABC correction (A) from last December).

The breakout of the resistance level 386.00 should accelerate the active intermediate impulse wave (C) from the end of April.

Corn is expected to rise further and retest the next round resistance level 400.00 (target for the completion of the active impulse wave (C)).

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Source: FxPro


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