Corn price has successfully breached the crucial support level at 481.30, concluding the daily candlestick below this threshold. This development bolsters the ongoing bearish trend scenario, both in the intraday and short-term contexts. The descent is taking place within the confines of a bearish channel prominently featured on the chart. The subsequent target in focus is the 474.00 level.
The negative pressure from the EMA50 reinforces the outlook for sustained downward movement in the upcoming sessions. It is imperative for the bearish momentum to persist that the price remains below the levels of 481.30 and 484.20.
The anticipated trading range for today is expected between support at 475.00 and resistance at 484.00.
Expected Trend for Today: Bearish
