Corn prices have resumed their upward trajectory, marking a return to positive trading as they begin to test the neckline of the inverted head and shoulders pattern on the chart.
Market analysts are closely monitoring the potential breach of the resistance level at $445.50, which could ignite strong positive momentum, supporting further bullish correction. Should this occur, targets are projected to include the $461.90 and $474.70 areas as the next significant stations along the upward trend.
However, the bullish outlook remains contingent upon the price maintaining above the critical level of $433.50. A breach of this support, coupled with sustained trading below it, could signal a shift in momentum.
Traders are advised to operate within today’s expected trading range, which spans from support at $435.00 to resistance at $455.00.
The trend forecast remains bullish, reflecting the prevailing positive sentiment surrounding corn prices. Market participants should monitor developments closely and adapt their strategies accordingly to navigate potential fluctuations.
