Corn prices have exhibited positive trading activity as they undergo a retest of the support level previously broken within the confines of the symmetrical triangle. This retest is occurring concurrently with the emergence of evident negative signals in the stochastic indicators. These developments are expected to provide the necessary impetus for the price to resume its anticipated bearish trajectory in the forthcoming period, with a primary objective set around the $435.60 region.
Nevertheless, it is vital to acknowledge that breaching the $489.00 level would serve as an impediment to the expected decline, potentially paving the way for additional price appreciation that could extend towards the $509.50 mark.
The anticipated trading range for today is projected to extend from the support level of $475.00 to the resistance level of $490.00.
Market analysts underline the prevailing bearish outlook for corn prices, emphasizing the importance of closely monitoring the $489.00 threshold as it holds the potential to alter the market’s direction in the near term.
