Technical analysis

Corn reversed from resistance zone

  • Corn reversed from resistance zone
  • Further losses are likely

Corn recently reversed down from the resistance zone lying between the resistance level 370.00 (top of the previous impulse wave 1 from August) and the 38.2% Fibonacci correction of the previous ABC correction from May.

The downward reversal from this resistance zone started the active short-term corrective wave (ii) – which belongs to waves 3 and (3).

Corn is expected to fall further and re-test the next support level 355.00 (which reversed the price with the daily Bullish Engulfing at the end of September).

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