In today’s analysis, the corn price has encountered negative pressure as it broke below the $449.20 level. Currently, it is approaching a retest of the previously breached neckline of an inverted head and shoulders pattern visible on the chart. This neckline now acts as a key support level at $443.00. Sustaining consolidation above this level is crucial to keep the correctional bullish scenario intact, with the next target projected at $461.90.
Continuing to advocate for the bullish trend in the upcoming period, it’s important to highlight that a break below $443.00 would signal further decline, potentially testing $433.50 as the initial negative target.
For today’s trading range, we anticipate support around $440.00 and resistance near $455.00. Despite the current negative pressure, our trend forecast remains bullish, contingent upon the price consolidating above the crucial support level mentioned earlier.
