Corn prices exhibited a mixed trading pattern in the recent session, testing the pivotal resistance level at 481.30 before experiencing a bearish bounce to examine the current support line at 477.40. These levels emerge as crucial trend indicators, and the subsequent price movement hinges on a decisive breach of either level to delineate the forthcoming trajectory.
Given the current market dynamics, maintaining a neutral stance is prudent until a clearer signal emerges, providing insights into the direction of the next trend. Detailed projections for expected targets following a breach of the aforementioned levels are outlined in our previous technical report on corn prices.
Traders and investors are advised to monitor price action closely, with the anticipation of a breakthrough in either direction. The expected trading range for the day is estimated to be between the support at 474.00 and resistance at 485.00. The prevailing trend for the day remains neutral, contingent on forthcoming market developments and confirmation signals.
