Corn prices experienced a robust upward surge yesterday, successfully surpassing the initial target at 487.90 and approaching the second target at 493.20. The market exhibited mixed trades, ultimately settling at the EMA50, which is providing robust support against the price. Additionally, positive signals from the stochastic indicator further bolster the prospects of a resumption of positive momentum in the upcoming trading sessions.
Anticipating a bullish bias for today, market analysts foresee the primary target at 493.20. It is crucial to note that the continuation of this bullish wave hinges on the price holding above 481.30.
Investors and traders are advised to monitor these critical levels closely, as they are integral to shaping the short-term direction of corn prices. The expected trading range for the day is projected to be between support at 482.00 and resistance at 495.00.
While the prevailing trend indicates a bullish sentiment, market participants should exercise vigilance and stay informed about potential market dynamics. The delicate balance between support and resistance levels will play a pivotal role in determining the trajectory of corn prices in today’s trading session.
