Corn bounces from 55 day EMA

The 55 day exponential moving average or EMA could be used as a trend indicator, but it also acts as a support or resistance level, just like the 200 day EMA does. On the daily chart of corn we can see that the price has bounced twice to the downside from the 55 day EMA, purple line. If the price continues dropping, then the 325.00 could act as support followed by the 312.17 level, which could also act as support. Above the 55 day EMA, the 200 day EMA, blue line, around the 360.54 could act as resistance. Once the price goes above the 55 day EMA, it could consolidate and start bouncing in between the 55 EMA and the 200 EMA.