In the latest analysis of corn prices, a significant development unfolds as the market breaches a key support level, indicating a bearish trend.
Bearish Scenario
Corn prices have confirmed a break below the $433.50 level, following yesterday’s close below it. This confirmation reinforces expectations for the continuation of bearish dominance in the forthcoming period. Analysts anticipate further downside movement, with potential targets identified at $424.20, followed by $415.50 as the next negative stations. Adding to the downward pressure is the EMA50, which forms negative pressure, further supporting the expected decline.
This bearish outlook will persist unless there is a breach of the $433.50 level, followed by a sustained hold above it.
Trading Range
For today’s trading session, the expected trading range for corn prices is projected to span between $420.00 as support and $435.00 as resistance.
Trend Forecast: Bearish
Given the confirmed break of the support level and the prevailing bearish sentiment, the forecast for corn prices remains negative. Traders are advised to exercise caution and monitor price movements closely, particularly in relation to the identified support and resistance levels.
