Corn price experienced a decline last Friday, successfully reaching the negative targets outlined in our previous report. Notably, the price has settled below the support line of the bearish channel, thereby confirming the likelihood of a continued decline in the intraday and short-term perspectives. The next anticipated target for this bearish movement is situated at 440.00.
The prevailing bearish trend is expected to persist in the upcoming period. It is crucial to note that a breach of the 454.00 level may result in intraday gains, potentially leading to a test of the bearish channel’s resistance line around 464.00 before any renewed attempt at a decline.
As traders navigate the corn market, it is advisable to closely monitor price movements, especially around critical support and resistance levels, for potential shifts in market dynamics.
The projected trading range for today is anticipated to fluctuate between the support at 445.00 and the resistance at 458.00. The overall trend for today remains bearish, in line with the recent developments in corn prices and the sustained bearish channel.
