- Corn approached long-term support level 304.0
- Likely to correct up to 330.00
Corn is currently trading close to the major long-term support level 304.0 (former yearly low which started the sharp weekly uptrend in 2016)
This support level is standing well below of the lower weekly Bollinger Band – increasing the probability of the upward correction in the coming trading sessions.
With the weekly RSI in the oversold territory – Corn is expected to rise toward the next resistance level 330.00 (former yearly low from 2017, acting as resistance after it was broken earlier this year).