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Corn price recently experienced a bearish rebound following its test of the resistance within an intraday bullish channel. This decline has directed the price towards the support line of this channel, currently positioned at approximately 489.00. Concurrently, the stochastic indicator has entered the oversold region, which could potentially encourage the price to resume its bullish trajectory and target key levels at 502.50 and 509.50.
As long as the price remains above the 489.00 support level, the overall bullish trend is likely to persist in the near term.
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Today’s Expected Trading Range: 487.00 – 502.50
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Today’s Trend Outlook: Overall Bullish
