• Corn reversed from support area
• Likely to rise to round resistance level 600.00
Corn recently reversed up from the support area lying between the key support level 560.00 (former strong resistance from February and March), 20-day moving average and the 50% Fibonacci correction of the previous upward impulse from the end of March. The upward reversal from the support level 560.00 started the active minor impulse wave (v) – which belongs to wave 3 from February.
Given the prevailing uptrend and the improvement in the risk sentiment seen across the global commodities markets today – Corn can be expected to rise further in the active impulse wave (v) toward the next round resistance level 600.00 (top of the previous impulse wave (iii)).