Corn Price Analysis
The price of corn has recently resumed its downward trajectory, extending losses to reach the $440.00 mark. This decline reinforces expectations of a continued bearish trend in upcoming sessions, with the next target set at $433.50. The presence of a double top pattern further supports this negative outlook. However, for a shift in sentiment, it’s essential to monitor if the price manages to surpass and sustain above $449.20.
Expected Scenario
Today’s forecast maintains a bearish outlook for corn prices. Traders should anticipate further downside movement towards the target at $433.50, driven by the prevailing negative sentiment and technical patterns. A breach above $449.20 could invalidate this bearish scenario, potentially triggering a reversal.
Expected Trading Range
- Support: $435.00
- Resistance: $445.00
Trend Forecast: Bearish
