The price of corn has reached the anticipated target of $461.90, with the recent break below this level signaling further dominance of the bearish trend. Closing the daily candlestick below this threshold confirms the continuation of downward momentum, setting the stage for a potential decline towards the next major target at $449.20.
In light of these developments, the bearish bias is expected to persist in the forthcoming trading sessions. However, it’s noteworthy that a breach above $461.90 would indicate a halt to the anticipated decline, potentially triggering short-term recovery attempts.
Expected Trading Range:
Support: $450.00
Resistance: $465.00
Trend Forecast: Bearish
As traders navigate the corn market, attention to these key price levels will be crucial in gauging the direction of future movements and assessing potential trading opportunities.