Corn recently reversed up from the support area lying between the key support level 372.30 (which stopped the previous wave (a) in December), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.
The upward reversal from the aforementioned support area created the weekly Japanese candlesticks reversal pattern Morning Star – which started the active impulse wave 5.
Corn is expected to rise further and re-test the next resistance level 386.50 (top of the previous impulse wave 3 from December).
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