In recent trading sessions, the price of corn experienced a notable decline, nearing the anticipated target of $461.90. Market analysts emphasize the significance of closely monitoring price movements at this level, as a decisive break below it could signal further downward momentum, potentially leading to a target zone around $449.20.
The sustainability of the expected downtrend hinges on the corn price remaining below the critical level of $474.70. A breach of this level, however, could prompt a reversal in the market sentiment, potentially fueling a recovery and paving the way for a bullish trajectory towards $490.40.
Expected Trading Range and Trend Forecast
Analysts anticipate a trading range between the support level at $455.00 and the resistance level at $470.00. This range is expected to guide near-term price action, with movements likely to be influenced by market sentiment and fundamental factors.
In light of the prevailing price dynamics and key support and resistance levels, the trend forecast for corn is bearish. Market participants are advised to closely monitor price movements within the specified range and remain vigilant for potential breakout opportunities.
