Corn Wave Analysis – 14 June, 2019

Ears of sweet corn

Corn broke resistance area
Further gains are likely

Corn recently broke through the resistance area lying between the key resistance level 440.00 (which has been reversing the price from 2015) and the upper resistance trendline of the weekly up channel from 2016.

The breakout of this resistance area is likely to accelerate the active impulse waves 5 and (3).

Corn is expected to rise further and retest the next key resistance level 460.00 (target price for the completion of the active impulse wave 5).

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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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Tags: CORUSD

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