The price of corn concluded last Friday on a positive note, surging past the $461.90 mark and approaching the $474.70 level. This momentum signals a potential for further gains on an intraday basis. However, analysts highlight the emergence of a secondary peak, indicating the formation of a negative pattern that could precipitate a decline, particularly given the clear negative signals from stochastic indicators.
Given this scenario, a cautious stance is advisable until clearer signals for the next trend emerge. Notably, a breach of $461.90 would confirm the prevalence of negative factors, potentially driving the price towards $449.20. Conversely, surpassing $474.70 would negate the aforementioned negative formation and pave the way for additional gains towards the $490.40 region.
The anticipated trading range for the day spans between support at $460.00 and resistance at $475.00.
Trend Forecast: Neutral
