Corn price has demonstrated a clear upward bounce after approaching the critical support level at 433.50. This movement confirms the continuation of the bullish correction, with the price poised to advance towards testing the first target at 449.20. It is noteworthy that a breach of this level would propel the price to reach the 50% Fibonacci correction level at 461.90.
The positive influence of the double bottom pattern further bolsters the continuation of the suggested bullish trend. It is essential to emphasize that the validity of this trend is contingent upon the price maintaining stability above 433.50.
Today’s anticipated trading range is expected to fluctuate between the support level at 435.00 and the resistance level at 450.00.
Trend Forecast: Bullish
