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Corn price analysis indicates a bearish bias, currently trading below the $449.20 level. However, it’s noteworthy that the EMA50 is attempting to impede further downward movement. Our forecast suggests a corrective bullish trend, supported by the previously completed inverted head and shoulders pattern. This implies potential for positive targets, commencing at $461.90 and extending to $474.70.
Nevertheless, it’s essential to monitor the possibility of a continuation of the decline, particularly if the price breaks below $443.00, which would negate the anticipated upward trajectory and potentially lead to further decline.
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Expected Trading Range:
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- Support: $444.00
- Resistance: $455.00
Trend Forecast: Bullish
