Corn prices exhibited a notable upward rally in the previous session, surmounting the 462.00 level and re-entering the bearish channel. The current trajectory positions the price on a course toward a potential test of the channel’s resistance around 469.40, indicating the likelihood of positive trades in the upcoming sessions. It is essential to acknowledge, however, that this upward movement is viewed as temporary, with expectations of a resumption of the primary bearish trend after reaching the suggested target.
Conversely, it is crucial to monitor the support level at 460.50 closely, as a breach could halt the suggested rise, redirecting the price to resume the main bearish track.
The projected trading range for today spans between support at 460.00 and resistance at 469.40, encapsulating the potential price movements within the existing market conditions.
Today’s anticipated trend leans towards a temporary bullish sentiment, underscoring the current restorative phase in corn prices. Traders are advised to remain vigilant for any developments and closely monitor key support and resistance levels for potential shifts in market dynamics.
