Corn Wave Analysis – 08 August, 2019

• Corn reversed from support zone
• Further gains are likely

Corn recently reversed up from the support area located lying between the pivotal support level 1.6675 (former resistance from December), lower daily Bollinger Band and the 61.9% Fibonacci correction of the previous upward impulse (3) from April.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star.

Corn is expected to rise further and retest the next resistance level 413.60 (former monthly low from July).