Corn price has recently exhibited an upward rally, reaching the 487.90 resistance level. However, the market has commenced today’s trading session with evident negativity, testing the critical support level at 481.30. The current analysis suggests a possible consolidation phase, leading to sideways trades between these levels until a definitive breach of either support or resistance occurs, providing clearer indications of the next directional move.
It is imperative to note that a successful break below the mentioned support level would likely propel the price downward, targeting 476.00 and subsequently 470.60 as primary bearish objectives. Conversely, surpassing the resistance level is seen as a key factor for initiating new gains, potentially reaching as high as 493.20.
The anticipated trading range for today is forecasted to be between the support level at 475.00 and the resistance level at 487.00.
The prevailing trend expectation for today remains sideways, reflecting the current market conditions.
