Corn Technical Analysis Report 23 December, 2020

  • Corn broke key resistance level 438.50
  • Likely to rise to 450.00

Corn continues to rise after the price broke above the key resistance level 438.50 (which previously stopped the sharp upward impulse wave 3 at the end of November as can be seen from the daily Corn chart below). The breakout of the resistance level 438.50 accelerated the active impulse waves 5 and (C), which belong to the long-term ABC correction ② from last year.

Given the clear uptrend that can be seen on the daily charts and the expectation of continued increase of demand from European countries (on the expectation of soon end to the epidemic on mass vaccination) –   Corn is likely to rise further toward the next resistance level 450.00 (target for the completion of the active impulse wave (iii)) – followed by the resistance level 470.00.

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