Corn Wave Analysis – 13 February, 2019

Ears of sweet corn

Corn reversed from support area
Further gains are likely

Corn recently reversed up from the support area lying between the key support level 372.00 (which has been reversing the price from the end of December), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from November.

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

Corn is expected to rise further and re-test the next resistance level 385.00 (monthly high from December).

CORUSD

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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