Corn prices experienced notable downward pressure in the recent session, leading to the breaking of the crucial support level at 481.30. Despite this breach, the price has settled above the previously violated resistance within the bearish channel outlined on the chart. Concurrently, technical indicators are displaying conflicting signals, introducing uncertainty regarding the next trend.
Given the present ambiguity in the technical indicators, a prudent approach is to adopt a neutral stance until clearer signals emerge for the impending market direction. A decisive breach below the 478.30 support line would likely propel the price further downward, targeting the next support level at 470.60. Conversely, a resurgence above the 481.30 level could signify a renewed bullish wave, potentially leading to additional gains towards 487.90.
The anticipated trading range for the day is expected to fluctuate between the support level of 474.00 and the resistance level of 485.00.
In summary, the corn market currently exhibits mixed signals, necessitating caution and monitoring of key support and resistance levels for clearer insights into the future price trajectory.
