Corn Wave Analysis – 12 July, 2019
July 12, 2019 @ 18:05 UTC
- Corn rising inside impulse wave (3)
- Further gains are likely
Corn has been rising in the last few trading sessions inside the medium-term impulse wave (3), which started earlier from the support area lying between the key support level 411.80 (which also reversed the price in June) and the lower daily Bollinger Band.
The price earlier broke the resistance trendline of the daily down channel from June – which accelerated the active impulse wave (3).
Corn is expected to rise further and retest the next resistance level 463.80 (top of the previous impulse wave (1)).