The price of corn underwent a significant decline in the previous trading session, culminating in a sharp break below the pivotal support level at 487.90. This move brought the price closer to the anticipated target at 481.30 and has further solidified expectations of the prevailing bearish trend persisting in the upcoming period. Notably, should the 481.30 level be breached, it may expose the price to additional losses, with a potential downside target at 470.60.
Consequently, the bearish trend scenario remains in force. It’s important to monitor the market for any signs of a rebound. A successful breach above the 487.90 level could relieve the current bearish pressure and potentially pave the way for an attempt to reestablish the primary bullish trend.
For today’s trading sessions, the projected trading range is expected to span between the support level at 477.00 and the resistance at 488.00.
In summary, corn prices experienced a sharp decline, breaching the pivotal support at 487.90. This movement reaffirms the bearish sentiment in the market, with a target set at 481.30 and the potential for further losses to 470.60 if that level is broken. The bearish trend continues to dominate, but a breakout above 487.90 could signal a change in sentiment and a potential attempt to re-enter a bullish trend. The expected trading range for the day is seen between the support at 477.00 and the resistance at 488.00, with the overall trend indicating a bearish bias.
