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February 24, 2021 at 03:50PM
• 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)).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/corn-wave-analysis-24-february-2021-20210224/
Selected by fonecable.com
Search Web: Corn Wave Analysis 24 February, 2021
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