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Analysis of corn prices indicates a prevailing bearish inclination, with prices testing the EMA50, a critical support level at $442.00. Consolidation above this level is deemed essential for the continuation of the corrective bullish trend. Conversely, a breach below $442.00 could instigate further decline, potentially testing significant support at $433.50.
The bullish trend scenario remains intact, contingent upon price stability above $442.00. Initial targets are set at $449.20, with further potential extending to $461.90 upon surpassing the preceding level.
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Key Support and Resistance Levels:
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– Support: $437.00
– Resistance: $450.00
Trend Forecast: Bullish
