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Corn Price Analysis: Potential Bullish Reversal Amidst Bearish Trends

by Daisy

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.

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Expected Trading Range:

Support: $444.00

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Resistance: $455.00

Trend Forecast: Bullish

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