Corn Wave Analysis 24 February, 2021
February 24, 2021 @ 18:50 +03:00
• 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)).