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Expected Scenario
The price of corn experienced a clear downward bounce subsequent to reaching the awaited target at $474.70. Upon closer examination of the chart, it is evident that the price has established a lower high, indicating a potential continuation of the expected decline in the upcoming trading sessions. Notably, a break below $461.90 would confirm the extension of the bearish wave towards the $449.20 region.
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The prevailing bias suggests a bearish outlook for today, unless the price manages to rally and breach the resistance barrier at $474.70, subsequently holding above this level.
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Expected Trading Range
The anticipated trading range spans from the support level of $455.00 to the resistance level of $470.00.
Trend Forecast: Bearish
