Corn prices experienced a robust upward rally, successfully reaching the first target at 502.50. The market now anticipates further upward momentum to achieve the second target at 509.50. This bullish trajectory is supported by the EMA50, which continues to underpin the price from below, indicating an organized movement within the bullish channel featured on the chart.
The integrity of the bullish trend depends on maintaining levels above 492.60. A breach of this support level could signify a shift to a bearish trend, potentially testing the 480.00 areas initially.
Today’s projected trading range is anticipated to fluctuate between support at 495.00 and resistance at 510.00.
The prevailing trend for today remains bullish, contingent upon the market’s ability to sustain levels above 492.60. This marks a significant turn for corn prices.
