The corn market witnessed a notable event yesterday as prices surged towards the $461.90 level, initiating an attempt to establish stability above this threshold. However, today’s market activity presents a different narrative, as corn prices have commenced trading on a negative note, signaling a resumption of the anticipated bearish trajectory on an intraday basis. With prices settling below the aforementioned level, the stage is set for the continuation of the bearish trend, with the next target identified at $449.20.
Adding to this bearish outlook is the negative overlap observed in the stochastic indicator, indicating further motivation for price depreciation in the forthcoming sessions. Market analysts emphasize the significance of maintaining levels below $461.90 to sustain the suggested bearish momentum.
Expected Trading Range
- Support: $449.00
- Resistance: $465.00
Trend Forecast: Bearish
As corn prices navigate this phase of bearish sentiment, market participants are advised to exercise caution and remain attentive to price movements, ensuring alignment of their trading strategies with the prevailing market dynamics.
