Corn ends the trading week at level 376 and continues to move in the bearish channel. Moving averages indicate an uptrend. At the moment, we should expect an attempt to grow and test the upper limit of the channel near the level of 380. Where again we should expect a rebound and an attempt to continue the fall of the Corn rate with a potential target below 345.
Corn forecast for the week December 24 — 28, 2018
In favor of reducing the Corn quotes in the current trading week December 24 — 28, 2018, a resistance line test on the relative strength index (RSI) will come out. Cancellation of the Corn fall option will be a strong growth and a breakdown of the 390 region. This will indicate a breakdown of the upper boundary of the downward channel and continued growth of Corn with a potential target above 410. A confirmation of the downward trend development will be a breakdown of the support area and closing of quotes below 365.
Corn forecast for the week December 24 — 28, 2018 implies an attempt to test the resistance area near the level of 380. Then, further fall of the instrument to the area below the level 345. An additional signal in favor of the Corn depreciation will be the test of the resistance line on the relative strength index (RSI). Cancellation of the fall option Corn will be a strong growth and a breakdown of the area of 390. In this case, we should expect continued growth.
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