Corn Wave Analysis 29 December, 2020

December 29, 2020 at 03:35PM

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• Corn rising inside impulse sequence ⑤

• Likely to reach 464.00

Corn continues to rise inside the sharp weekly upward impulse sequence ⑤ from November – which is itself made out of multiple different size impulse waves visible on the daily and the hourly charts.

The price is currently approaching the major long-term resistance level 464.00 – which stopped the previous strong upward trend in the middle of 2019.

Corn is expected to reach the resistance level 464.00 – from where the downward correction is likely (given the overbought weekly Stochastic indicator and, especially, weekly RSI indicator).

From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/corn-wave-analysis-29-december-2020-20201229/
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