Corn prices recently experienced a significant downward movement after testing the resistance of the established bullish channel, visible on the price chart. This decline brought the price to the lower boundary of the channel, adhering to the typical behavior within such channels. Following this pattern, the price is likely to resume its upward trajectory within the channel, targeting gains that commence with a visit to the 513.30 level.
Hence, the overall sentiment for today leans towards a bullish bias. This perspective is reinforced by positive signals from the technical indicators. It’s important to note that any breach of the 499.30 support level would indicate a deviation from the anticipated rise and may trigger a shift to a bearish trend.
The expected trading range for today is bounded by a support level at 497.00 and a resistance level at 513.00. While the corn price has recently experienced a sharp drop, it is still positioned within the established uptrend channel.
