In the latest update on corn prices, the commodity experienced a robust downward bounce yesterday following a formidable encounter with solid resistance at $449.20. Subsequently, it tested a critical support level at $433.50. Despite this, the price has managed to consolidate above this level, preserving the potential for the continuation of the corrective bullish trend.
Analysts note that the stochastic indicator has reached oversold areas, providing further support for the outlook. Expectations are now centered on positive trades in the forthcoming sessions, with the initial target set at a retest of the $449.20 resistance level.
However, a breach of the $433.50 support level could disrupt the corrective bullish scenario, potentially triggering a renewed decline in price.
Expected Trading Range for Today:
- Support: $430.00
- Resistance: $445.00
Trend Forecast: Bullish
