Corn Wave Analysis – 31 March, 2020
March 31, 2020 @ 17:04 +03:00
- Corn under bearish pressure
- Likely to fall to 333.00
Corn under bearish pressure after the earlier downward reversal from resistance area lying between the major resistance level 350.00 (former multi-month support from September), 38.2% Fibonacci correction level of the previous sharp downward impulse (5) and the lower trendline of the recently broken down channel from October.
The previous time the price reversed from this resistance area Corn formed the daily reversal pattern Shooting Star.
Corn is likely to fall further toward the next support level 333.00 (low of the previous intermediate impulse wave (5)).