Corn Price Analysis
Today, the corn price is navigating within a minor bullish channel, potentially forming a bearish flag pattern. Currently, it is crucial for the price to breach the support level at 406.30$ to trigger the anticipated negative implications of this pattern, aiming towards our next targeted level at 394.00$. The stochastic indicator currently exhibits negative overlap, further reinforcing the likelihood of breaking the mentioned support and activating the bearish pattern.
The bearish outlook is expected to persist on both intraday and short-term bases. However, a break above the resistance level at 414.50$ would invalidate the expected decline, potentially initiating a bullish correction on an intraday basis.
Expected Trading Range
Today’s anticipated trading range is expected to fluctuate between a support level of 397.00$ and a resistance level of 415.00$.
Trend Forecast: Bearish
