Corn price has encountered pronounced negative pressure in recent sessions, leading it to test a pivotal support level at 481.30. Notably, oversold signals are apparent through stochastic indicators, suggesting a potential upward correction in the upcoming sessions.
Anticipating a sideways movement, we expect the price to fluctuate within a range defined by the support at 481.30 and resistance at 493.20. It is crucial to observe the price action closely, as a breach of the support may prompt further losses, targeting 470.60 areas. Conversely, breaking the resistance is pivotal for constructing a bullish wave on both the intraday and short-term horizons, with targets set at 498.50, followed by 505.10 levels.
Today’s projected trading range is expected to be between the support level of 473.00 and the resistance level of 490.00.
The expected trend for today is assessed as sideways, subject to potential market developments.
