Corn prices have successfully reached the initial anticipated target at 481.30, establishing a robust support level at this point. The market has exhibited a degree of bullish bias at the opening of today’s session, influenced by the positive signals from stochastic indicators. However, it is crucial to note that the EMA50 continues to exert downward pressure, reinforcing the potential for a resumption of the broader bearish trend.
The overall outlook suggests a bearish trajectory, with the next targets extending towards 474.00. The maintenance of levels below 484.60 is a critical condition for the continuation of the anticipated decline. Conversely, a breach of this level may lead to additional gains, testing 487.90 before considering any new attempt at a decline.
For today’s market dynamics, the expected trading range is anticipated to fluctuate between the support level at 477.00 and the resistance level at 487.00.
In summary, the prevailing trend for today leans towards a bearish sentiment in the corn market, emphasizing the importance of key support and resistance levels in determining the future price movements.
