• Corn rising inside impulse wave (5)
• Likely to reach resistance level 560.00
Corn continues to rise inside the sharp upward impulse wave (5) which previously broke through the resistance area lying at the intersection of the round resistance level 500.00 and the resistance trendline of the sharp daily up channel from the middle of 2020. The breakout of this resistance area was preceded by the breakout of the key resistance level 465.00 (former yearly high from the middle of 2019).
Given the predominant weekly uptrend – Corn is expected to rise further in the active impulse wave (5) toward the next resistance level 560.00 (target price for the completion of the active impulse wave (5)). Strong support now stands at eth support level 500.00.