The price of corn has demonstrated robust upward momentum, approaching the anticipated target at 509.50. This upward movement has received consistent support from the EMA50, increasing the likelihood of surpassing this level and extending gains in the intraday context. The next target level is 517.00.
Hence, the bullish trend scenario remains valid and in effect, provided that the price does not breach 494.00 and remains below this level.
For today’s trading session, market participants should consider a trading range spanning from the support level at 498.00 to the resistance level at 512.00.
In summary, corn price has experienced substantial gains, with favorable conditions for further upside movements. Traders are advised to monitor price levels to identify potential reversals.
