Corn prices have experienced a notable upward surge, successfully surpassing the crucial level of 433.50 and concluding the daily candlestick above it. This development has activated a bullish correction scenario, propelling the commodity towards potential gains, with the initial target set at 449.20.
The prevailing market sentiment suggests a bullish bias for the day, influenced in part by the completion of a double bottom pattern, evident in the chart’s discernible signs. It is imperative to monitor the 433.50 level closely, as a breach could potentially halt the anticipated upward movement, leading to a renewed decline in prices.
The anticipated trading range for the day is anticipated to fall between the support level at 430.00 and the resistance level at 449.00. The overall trend forecast remains bullish, reflecting a positive outlook for corn prices in the immediate future. Traders and investors are advised to stay attuned to market developments that could impact this forecast.
