Corn prices have successfully reached the awaited target at 481.30, making an attempt to validate the breach. However, today’s market opening reveals a bearish bias as pressure mounts on this level, indicating a potential resumption of the decline. This negative sentiment is further underscored by the evident stochastic negativity, pointing towards the likelihood of observing negative trades in the forthcoming sessions, with a primary focus on reaching 476.00, followed by 470.60 as the key target areas.
It is crucial to acknowledge that sustained consolidation above 481.30 has the potential to disrupt the current negative scenario, steering the price towards new intraday gains.
Market participants are advised to monitor the expected trading range for today, spanning from the support level at 475.00 to the resistance level at 485.00. Deviations beyond these boundaries may carry implications for the short-term trend of corn prices.
In summary, the prevailing outlook for corn prices leans bearish following the attainment of a target, with attention drawn to crucial support and resistance levels. Traders are encouraged to stay vigilant for potential shifts in market dynamics and any indications that may influence the existing trend.
