Corn price has tested a crucial support level at $433.50 and has rebounded bullishly from that point. This suggests that the bullish trend scenario remains intact for the near future, with potential for further upward movement.
The next significant milestone to watch for is the breach of the neckline of the inverted head and shoulders pattern at $443.70. Achieving this breakout could provide the positive momentum needed for the price to reach our optimistic targets, starting at $461.90 and extending to $474.70.
Stochastic indicators are signaling positively, supporting the continuation of the anticipated bullish wave. However, it’s essential for the price to maintain stability above $433.50 to validate this bullish outlook.
Expected Trading Range: $432.00 (Support) – $450.00 (Resistance)
Trend Forecast: Bullish
