Corn price exhibited a mix of trading patterns in the previous session, experiencing a notable decline towards the anticipated target at 440.00. However, a swift upward rebound ensued, leading the price to test the crucial resistance level at 450.50. The current market dynamics necessitate caution, emphasizing the importance of the price consolidating below this resistance to uphold the bearish trend scenario in the forthcoming period.
The stochastic indicator provides further insight, clearly indicating a loss in positive momentum. This reinforces the likelihood of a potential resumption of the anticipated decline. It is imperative to note that breaching the resistance at 450.50 could usher in additional gains, setting sights on the 460.50 areas before any new bearish attempts materialize.
For today’s trading, the expected range is foreseen between the support at 440.00 and the resistance at 455.00.
In summary, the corn market is currently navigating a pivotal juncture, and traders are advised to exercise vigilance. The bearish trend remains a viable scenario, contingent upon the price consolidating below the crucial resistance level. As such, market participants should closely monitor key levels for potential shifts in market sentiment.
