• Corn reversed from resistance zone
• Likely to fall to support level 0.6800
Corn recently reversed down from the resistance zone lying between the key resistance level 591.00 (which has been reversing the price from the middle of August), strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from the end of June. The downward reversal from this resistance zone stopped the earlier impulse waves 3 and (3).
Given the clear daily downtrend the worsening risk sentiment seen across the commodities markets today , Corn can be expected to fall further toward the next support level 0.6800.