As of February 20, 2024, corn prices indicate a positive attempt, showcasing a bullish bias with today’s opening. The market is testing the resistance line of a minor bearish channel visible on the chart. However, it’s crucial to note that stochastic is losing its positive momentum, hinting at a potential resumption of the main bearish trend.
The primary bearish trend has its next target set at 419.70, making it a significant focal point for traders. It’s important to be vigilant, as a breach of 430.50 would disrupt the anticipated decline and push the price to achieve intraday gains. In such a scenario, the targets include testing 435.60, with a possible extension to the main bearish channel’s resistance line around 442.30 before any new negative attempts.
Traders are advised to keep an eye on the expected trading range for the day, spanning between the support level at 420.00 and the resistance level at 435.00.
In conclusion, corn prices are currently attempting a positive move, but the overall trend remains bearish. The next main target is set at 419.70, and cautious monitoring is recommended to react to potential disruptions or shifts in the market sentiment.
