Corn prices witnessed a downturn in recent trading, with yesterday’s session closing below the critical support level of $461.90. This breach suggests a potential return to the primary bearish trajectory.
Despite this decline, technical indicators present conflicting signals. While some indicators offer positive indications that could facilitate a price recovery, others suggest a continuation of the downward movement.
Given this contradiction among technical factors, market analysts advocate for a cautious approach, opting to remain on the sidelines until a clearer signal emerges for the next directional trend.
A decisive break below the $459.00 support level is anticipated to extend the decline, with a potential target identified at $449.20. Conversely, surpassing the $461.90 mark could reignite bullish momentum, with a subsequent target set at $474.70.
The expected trading range for today is projected to span between the support level at $450.00 and the resistance level at $470.00.
Trend Forecast: Neutral
