Expected Scenario:
Corn price successfully breached the $461.90 level and closed below it, signaling a potential formation of a double top pattern, evident on the chart. This development suggests further downward pressure, with the next anticipated target set at $449.20. Subsequently, the price could extend its decline towards the $433.50 areas.
Expected Outlook:
The bearish trend is expected to persist in the upcoming period, with potential downside movement towards the identified targets. However, a break above $461.90 would halt the current negative pressure and prompt a possible intraday recovery.
Expected Trading Range:
The expected trading range is between the support at $450.00 and the resistance at $465.00.
Trend Forecast: Bearish
In summary, the corn price is poised for continued decline, with the potential for further downside towards the specified targets. Traders should monitor key support and resistance levels for indications of trend reversals.
