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Today, July 17, 2024 – Corn prices are demonstrating a bullish bias, approaching the EMA50 which currently acts as minor resistance around $403.00. To further advance towards the initial target of $410.00, marking the 23.6% Fibonacci correction level from the decline spanning $463.30 to $393.50, the price must surpass this resistance level. A successful breach could potentially propel prices towards $420.20 directly.
The bullish trend is favored in the near term, contingent upon the price maintaining above the key support level at $393.50.
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Today’s expected trading range is anticipated between support at $395.00 and resistance at $410.00.
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Trend Forecast: Bullish
