Corn Prices Nearing Target – March 13, 2024 Forecast

Corn prices have initiated new positive trades, edging closer to the awaited target at 449.20. This level represents the 38.2% Fibonacci correction level for the decline measured from 515.80 to 408.10. The presence of a double bottom pattern on the chart suggests the possibility of surpassing this level, aiming for additional gains that could extend to 461.90.

The validity of the bullish trend scenario remains intact and active, unless there is a break below 433.50, sustained with a daily close below this critical level.

The expected trading range for today is projected to fluctuate between support at 438.00 and resistance at 453.00.

Trend Forecast: Bullish