Commencing today’s trading session with an optimistic tone, the corn price charts a positive trajectory, approaching the pivotal resistance level at 509.50. This advancement is propelled by the presence of stochastic positivity, a testament to the price’s positive momentum. It is notable that the 50-day Exponential Moving Average (EMA50) coincides with the aforementioned resistance, imbuing it with augmented strength. This scenario sets the stage for a potential resumption of negative trades, steering the price towards the realization of the subsequent main target at 435.60.
Conversely, an important consideration entails the breach of the 509.50 juncture, which would serve as a disruptive element to the envisaged decline. Instead, it would potentially pave the way for an endeavor to rekindle the primary bullish trend.
Anticipated trading activity for today’s session spans a projected range extending from the foundational support level at 470.00 to the opposing resistance stronghold at 509.00. Amidst this context, the prevailing trend sentiment remains anchored in a bearish trajectory, affirming an inclination for a descent in the valuation of corn price for the day.
