Corn price is exhibiting positive momentum, successfully breaking the 450.50 level and settling above it. The market is now poised to target the resistance of the bearish channel, located around 457.00. While the current trend suggests a temporary bullish phase, it is important to note that this expected rise is anticipated to be brief, with a subsequent resumption of the primary bearish trajectory.
The current positivity in the Stochastic indicator aligns with the projected short-term rise. It is crucial for traders to monitor the support level at 448.90; any breach below this level could signal a reversal of the positive scenario, initiating a decline in prices.
The expected trading range for today is between the support at 448.00 and the resistance at 457.00. Traders are advised to stay attentive to market developments and adapt their strategies accordingly.
Anticipated Trend for Today: Bullish temporarily
