• Corn under bullish pressure
• Likely to reach resistance level 540.00
Corn under bullish pressure after the price reversed up from the combined support area lying at the intersection of the round support level 500.00, 38.2% Fibonacci correction level of the previous upward price impulse from the start of December and the upper trendline of the daily up channel from last August (acting as the support after it was broken previously). The upward reversal from this support area started the active short-term impulse wave 3.
Given the clear daily uptrend and the improvement in risk sentiment across the global commodities markets -. Corn is expected to rise further toward the next resistance level 540.00 (top of the previous impulse wave 1).