Corn prices encountered significant resistance around the $449.20 mark, leading to a slight bearish inclination and prompting a test of the EMA50, which has proven to offer robust support against price movements. Notably, stochastic indicators are shedding their negative momentum and trending towards oversold territories.
These developments suggest a bullish bias for forthcoming sessions, with initial targets contingent upon surpassing the $449.20 barrier to pave the way for a rally towards $461.90 as the next correctional waypoint. It’s important to highlight that a breach below $442.00 could trigger further price declines, potentially leading to a visit to $433.50 as the subsequent negative target.
For today’s trading activities, the anticipated trading range is forecasted to fluctuate between the support level at $440.00 and resistance at $450.00.
Overall Trend Outlook: Bullish
