Corn prices have resumed their downward trajectory, applying pressure on the crucial 481.30 support level. Market analysts are closely monitoring for a potential breach of this level, which would serve as confirmation for the continuation of the bearish trend on an intraday basis. It is noteworthy that the subsequent target lies at 474.00.
The EMA50 acts as a reinforcing factor for the anticipated decline, exerting notable negative pressure on the price. Emphasizing the significance of sustaining levels below 484.60, this serves as the initial condition for the proposed continuation of the bearish wave.
For today’s trading outlook, the projected range oscillates between a support level at 475.00 and a resistance level at 485.00. The prevailing trend for the day is expected to be bearish, in alignment with the ongoing negative pressure on the price.
Market participants are advised to closely observe the critical support level at 481.30 and the mentioned resistance level at 484.60, as these will likely play pivotal roles in shaping the intraday dynamics of corn prices. Preparedness for potential downward movements is crucial in navigating the current market conditions.
