In recent market movements, corn prices have exhibited a bullish bounce, marking a positive shift after encountering the resistance of the bearish channel depicted on the charts. This upward momentum has set the trajectory towards a potential visit to the channel’s resistance, estimated at approximately 481.30. As a result, analysts anticipate witnessing positive trades in the upcoming sessions.
However, it is crucial to highlight that any breach below the level of 470.60 holds the potential to interrupt the suggested positive scenario. In such an event, the price may revert to the primary bearish trend, heading towards the next downside target at 465.00.
Offering guidance to traders, the anticipated trading range for today is projected between the support level of 472.00 and the resistance level of 481.30.
Today’s expected trend is bullish, reflecting the current rebound and suggesting a potential move towards higher levels. Traders are advised to monitor the critical level of 470.60 for confirmation of the ongoing bullish sentiment.
