- Corn reversed from resistance level 467.00
- Likely to correct down to 403.00
Corn under bearish pressure after the price reversed down exactly from the same resistance level which stopped the previous short-term impulse wave (i) at the start of this month – 467.00. The resistance area near the resistance level 467.00 was strengthened by the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves (iii) and C.
Given the bearish divergence on the daily Stochastic indicator and the fact that the previous sharp uptrend was stopped in the vicinity of this resistance level 467.00 – Corn can be expected to correct down in the coming trading sessions toward the next support level 403.00 (low of the previous short-term correction (ii)).