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Current Scenario:
The price of corn has shown a steady decline, gradually moving away from $449.20. This movement supports the ongoing bearish trend, with the next target projected at $433.50. The bearish outlook is further reinforced by the negative impact of a double top pattern. It is important to note that if the price breaches the $449.20 mark, the bearish scenario would be invalidated, potentially initiating new recovery attempts on an intraday basis.
Expected Trading Range:
The anticipated trading range for corn is between a support level of $437.00 and a resistance level of $449.00.
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Trend Forecast:
The overall trend remains bearish.
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