The corn price exhibited a clear rally yesterday, surging past the $449.20 mark and challenging the broken neckline of a double top pattern evident on the chart. This surge hinted at a potential recovery in the upcoming sessions. However, despite this bullish movement, signs indicate a waning positive momentum, suggesting the emergence of new potential negative pressures.
The conflicting technical factors present a challenging scenario, prompting traders to adopt a cautious stance until clearer signals emerge for the next trend. It’s noteworthy that a breach of the $449.20 support level would reactivate the negative scenario, with the next target likely at $433.50. Conversely, surpassing the resistance at $461.90 holds the key to sustaining the upward momentum, potentially leading to further gains towards $474.70.
Expected Trading Range:
Support: $443.00
Resistance: $465.00
Trend Forecast: Neutral
In conclusion, the mixed signals in the corn market necessitate a prudent approach from traders, with the need to monitor price movements closely for clearer directional indications.
