Corn price, after registering notable positive trades in recent sessions that propelled it to challenge the 484.60 level, has taken a negative turn today by settling below this crucial threshold. This development sustains the viability of the ongoing bearish trend, with a keen eye on breaking the 481.30 level to facilitate a potential downward rally towards the next significant station at 474.00.
Stochastic indicators are providing negative signals, further reinforcing the anticipated decline. It is imperative to note that the key condition for achieving the awaited targets is the sustained position below the level of 487.90.
In light of prevailing market conditions, the expected trading range for the current day is projected between the support level at 475.00 and the resistance level at 485.00. These specified levels serve as integral reference points for traders navigating the corn market.
The prevailing trend for today remains bearish, contingent upon the ability to maintain levels below 487.90. Traders are advised to exercise caution, closely monitoring market developments, and staying attuned to potential shifts in sentiment, with a particular emphasis on the crucial support and resistance levels outlined above.
