Corn price has successfully reached the upper boundary of the bearish channel evident on the chart. The initiation of negative trades suggests a potential resumption of the bearish trajectory within the aforementioned channel. The presence of the EMA50 near the current resistance zones adds further credence to this downward movement.
Consequently, we anticipate witnessing continued negative trades in the forthcoming sessions, with initial targets set at 447.00 and extending further to 442.00. It is noteworthy that surpassing the resistance at 454.50 would invalidate the negative scenario, potentially triggering a corrective bullish wave on an intraday basis.
The expected trading range for today is projected between the support level of 445.00 and the resistance level of 457.00.
Anticipated Trend for Today: Bearish
