• Corn reversed from support level 530.00
• Likely to rise to resistance level 560.00
Corn recently reversed up from the pivotal support level 530.00 (former resistance from January, which has been reversing the price from the middle of this February), standing near the lower daily Bollinger Band. The upward reversal from this support level 530.00 stopped the previous minor impulse wave 3- which belongs to the sharp downward impulse sequence (C) from the start of June.
Given the prevailing daily uptrend and the oversold reading on the daily Stochastic indicator – Corn can be expected to rise further toward the next resistance level 560.00 (former support from the end of June).