Corn prices have initiated a fresh round of negative trades in an attempt to distance themselves from the breached support of the symmetrical triangle pattern. This development underlines the continuation of a bearish outlook on both the intraday and short-term basis, with our primary target set at 435.60.
Supporting this anticipated decline is the EMA50, emphasizing the likelihood of further price deterioration. It’s important to note that surpassing 489.00 would halt the negative scenario and prompt the price to challenge the critical resistance level at 509.50 before any new downside attempts.
Today’s projected trading range spans between the support at 460.00 and the resistance at 480.00.
In summary, corn prices are currently in a bearish phase as they strive to distance themselves from the breached support level. Traders should carefully monitor price movements, with a particular focus on the noted support and resistance levels, in their trading strategies.
