The price of corn has continued its downward trajectory, plunging below the $459.00 mark and settling at lower levels. A meticulous examination of the market charts reveals the emergence of a head and shoulders pattern, signaling a pessimistic outlook for intraday trading. Initial projections indicate a target of $449.20, with subsequent targets of $440.00 and $433.50 upon breaching the initial level.
Anticipations suggest a sustained decline in forthcoming sessions unless there is a breach of $461.90 accompanied by a sustained hold above it.
Today’s projected trading range oscillates between the support level at $445.00 and the resistance level at $465.00.
Trend Analysis: Bearish