Corn Wave Analysis – 10 December , 2018

FxPro Daily Economic Events
FxPro Daily Economic Events
  • Corn broke resistance area
  • Further gains are likely

Corn recently broke through the resistance area lying between the key resistance level 380.00 (which has been reversing the price from the middle of October) and the resistance trendline of the wide daily up channel from July.

The breakout of this resistance area accelerated the active short–term impulse wave 3 – which belongs to the medium-term impulse wave (3) from the end of August.

Corn is expected to rise further and re-test the next resistance level 400.00 (forecast price calculated for the completion of the active impulse wave (3)).

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