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Corn Wave Analysis – 8 July, 2019

  • Corn reversed from support area
  • Further gains are likely

Corn recently reversed up from the support area lying between the key support level 412.00 (former resistance from May), lower daily Bollinger Band and the 38.2% Fibonacci correction level of the previous upward impulse from March.

The upward reversal from this support area started the active medium-term impulse wave (3).

Corn is expected to rise further and retest the next resistance level 463.00 (top of the previous impulse wave (1)).

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Source: FxPro


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