Corn Wave Analysis 18 May, 2021
May 18, 2021 @ 18:08 +03:00
• Corn reversed from strong support level 650.00
• Likely to rise to resistance level 700.00
Corn recently reversed up from the strong support level 650.00 (top of the previous wave (iv) from April) – strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from March.
The upward reversal from the support level 650.00 started the active minor correction (b).
Corn is likely to rise further toward the next round resistance level 700.00 (target price for the completion of the active minor correction (b)).