The price of corn reflects a prevailing bearish sentiment, with levels hovering below $449.20. Notably, the EMA50 shows signs of attempting to counteract the downward trajectory, suggesting a potential shift in market dynamics. Analysts maintain a cautious optimism, anticipating a corrective bullish trend driven by the completion of an inverted head and shoulders pattern. This pattern indicates a likelihood of attaining positive targets, commencing at $461.90 and extending towards $474.70.
However, it remains imperative to acknowledge the downside risks, as a sustained decline below $443.00 could disrupt the anticipated upward movement, prompting a reversal towards further declines.
Expected Trading Range:
Support: $444.00
Resistance: $455.00