Corn prices have exhibited a notable breach of the $449.20 level, closing below it on the daily candlestick chart. This development bolsters the outlook for a continued correctional bullish trajectory, influenced by the completion of the inverted head and shoulders pattern. Notably, the projected targets for this trend initiation span from $461.90 to $474.70.
Underpinning this bullish sentiment is the support provided by the EMA50, reinforcing the validity of the anticipated upward movement. However, it’s imperative to monitor the $443.50 level closely; a breach followed by sustained trading below it could invalidate the bullish scenario.
Anticipated Trading Range
For today’s trading session, market participants can expect the price of corn to fluctuate within a range bound by the $445.00 support level and the $460.00 resistance level.
Trend Forecast
With technical indicators aligning with bullish signals, the forecast for corn prices remains bullish, with potential for further upward momentum in the near term.
