Technical analysis

Corn Wave Analysis – 27 May, 2021

• Corn reversed from support area

• Likely to rise to resistance level 671.00

Corn recently reversed up from the support area lying between the round support level 600.00, lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from October.

The upward reversal form this support area created the daily Japanese candlesticks reversal pattern Hammer Doji.

Corn can then be expected to rise further toward the next resistance level 671.00 (which stopped the previous wave B earlier this month).

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