Corn price demonstrated a notable upward rally in the previous session, surpassing the 481.30 level and testing a key resistance at 487.90. This resistance level has proven to be a robust barrier for the price, further reinforced by the presence of the EMA50 coinciding with it. Additionally, the stochastic indicator is displaying negative signals on the four-hour time frame.
Considering these factors, market analysis suggests a bearish bias for today’s trading session. The initial targets for the bearish movement are set at breaking the 481.30 level, paving the way for a potential decline towards 475.00, followed by 470.60. It is important to note that the continuation of the expected decline hinges on the price remaining below 487.90.
The projected trading range for today is expected to fall between the support level at 475.00 and the resistance level at 490.00.
Overall, the anticipated trend for today points towards a bearish sentiment surrounding corn price as it attempts to recover.
