Corn price is currently in the process of testing the EMA50, which presents a minor hurdle at 485.50. The market is poised for a potential breach of this level, paving the way for the realization of positive targets ranging from 487.90 to 493.20.
As it stands, the bullish trend scenario remains active for the foreseeable period, with a key condition being the maintenance of levels above 481.30 to effectively reach the suggested targets.
For today’s trading, the expected range oscillates between the support level at 480.00 and the resistance level at 490.00.
The prevailing trend for today leans towards a bullish trajectory, contingent on the successful breach of the EMA50 resistance. Traders are advised to monitor price movements closely and consider the critical support level for potential market implications.
