Corn price has recently touched our initial target at 493.20, experiencing a pronounced downward rebound to reach the 481.30 levels. The market is currently characterized by a degree of ambiguity, as technical indicators present conflicting signals. This situation may result in the price moving within a sideways range, oscillating between the mentioned support and resistance levels. The next clear direction will be determined upon surpassing one of these levels.
A break below the 481.30 support level is poised to propel the price further downward, with the next target set at 470.60. Conversely, breaching the resistance at 493.20 would be viewed as a positive development, opening the door for additional gains starting at 498.50 and extending to 505.10.
The anticipated trading range for today is situated between the support at 480.00 and the resistance at 493.00.
Projected Trend for Today: Sideways
