Corn Wave Analysis – 28 April, 2020

Corn approached long-term support level 304.0
Likely to correct up to 330.00

Corn is currently trading close to the major long-term support level 304.0 (former yearly low which started the sharp weekly uptrend in 2016)

This support level is standing well below of the lower weekly Bollinger Band – increasing the probability of the upward correction in the coming trading sessions.

With the weekly RSI in the oversold territory – Corn is expected to rise toward the next resistance level 330.00 (former yearly low from 2017, acting as resistance after it was broken earlier this year).

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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Tags: CORUSD

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