Corn prices have been consolidating in recent trading sessions, forming a symmetrical triangle pattern on the chart. To gain negative momentum and potentially fuel a descent towards the primary downside target at 435.60, the price must breach the 480.00 level.
The presence of the EMA50 continues to reinforce the prospects of a suggested bearish wave. This bearish outlook will remain valid, contingent upon the price maintaining stability below the 509.50 level.
For today’s trading, the anticipated range is expected to oscillate between the support at 475.00 and the resistance at 490.00. Traders should closely monitor this range for potential breakouts or reversals, as it holds significance for determining future price movements.
In summary, corn prices are currently within a consolidation pattern, with the potential for a bearish breakout upon breaching 480.00. The primary downside target remains at 435.60, with the condition that the price remains below 509.50 to uphold the bearish scenario.
