In a noteworthy development, corn prices have successfully reached our previously forecasted target at 481.30, concluding yesterday’s session just below this level. This achievement has paved the way for a continued decline and the emergence of new bearish objectives, with potential downside targets encompassing 476.00 and 470.60.
The ongoing bearish sentiment is well-supported by negative pressure originating from the EMA50, highlighting the sustained downward trajectory in the corn market. It is imperative to recognize that breaching the 481.30 level may lead to an attempt by the price to recover and recuperate from the recent losses incurred.
For today’s trading session, market analysts envision a range with 473.00 acting as support and 484.00 as resistance, affirming the prevailing bearish outlook in the corn market.
To summarize, corn prices have fulfilled their extended target, reinforcing the dominance of the bearish trend. Market participants should closely monitor price dynamics as they contemplate the significance of the support and resistance levels that could influence future movements.
