The price of corn has encountered a robust barrier at the 455.00 level, struggling to surpass it and subsequently experiencing a bearish rebound. This downward movement signals a potential resumption of the primary bearish trajectory, with the initial target set at 442.90, aligning with the recently recorded low. The prevailing bearish bias is expected to persist in the upcoming sessions.
The negative pressure imposed by the EMA50 reinforces the likelihood of the suggested bearish wave, which will continue to be valid unless a decisive breach of the 455.00 level occurs, accompanied by a daily close above it.
As of today’s outlook, the projected trading range is anticipated to fluctuate between the support level at 440.00 and the resistance level at 455.00. Market participants are advised to exercise caution and closely monitor these pivotal levels, as they hold significance in determining potential shifts in market dynamics.
In summary, the prevailing trend for today remains bearish, contingent upon the ability to maintain levels below 455.00. A breach of this resistance could prompt a reevaluation of the market’s direction, potentially signaling a shift in momentum.
