July 17th, the latest views of Economies analysts today: CBOT corn prices opened up today, breaking through and stabilizing above 509.50, which implies that it has stopped the recent decline and tried to resume its rise, but its price is still below the key resistance of 529.00 , which represents the neckline of the head and shoulders pattern appearing on the chart, makes us more inclined to stay on the sidelines until we get a clearer signal of the next trend.
Note that a break of 529.00 would lead to further price gains and a test of 569.30 as the next target, while a break below 509.50 support would see prices resume their decline with targets mainly at 467.00 and 435.60.
Today’s expected trading range is between 495.00 support and 529.00 resistance.
