Categories: Technical analysis

Corn Wave Analysis 24 February, 2021

• Corn reversed from key support level 530.00

• Likely to reach resistance 575.00

Corn recently reversed up from the key support level 530.00 (former resistance level from the middle of January – which stopped the previous impulse wave (3)).

The support area near the support level 530.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from January.

Given the strong daily uptrend – the price is likely to rise further toward the next resistance level 575.00 (which stopped the previous impulse wave (5)).

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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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