In recent market analysis, corn prices have continued to exhibit a bearish trend, with a notable test of the critical resistance level at $449.20. This resistance has remained formidable, with prices demonstrating stability below it. The persistence of this pattern aligns with the ongoing bearish scenario, driven in part by the completion of a double top formation in previous sessions.
Market analysts anticipate a further downward movement, with the next significant target projected at $433.50. This forecast is reinforced by the supportive role of the EMA50 indicator, which continues to validate the anticipated bearish trajectory. Maintaining a position below the $449.20 resistance threshold is deemed crucial to realizing the projected price targets.
In terms of expected trading range, market observers foresee a fluctuation between the support level of $437.00 and the resistance level of $449.00. This range reflects the current dynamics of market sentiment and technical indicators.
Overall, the trend forecast for corn prices remains bearish, with market participants advised to monitor key resistance levels and maintain a cautious stance in their trading strategies.
