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Corn Price Makes Recovery Attempt Amidst Resistance

by Jennifer

Corn price demonstrated a notable upward rally in the previous session, surpassing the 481.30 level and testing a key resistance at 487.90. This resistance level has proven to be a robust barrier for the price, further reinforced by the presence of the EMA50 coinciding with it. Additionally, the stochastic indicator is displaying negative signals on the four-hour time frame.

Considering these factors, market analysis suggests a bearish bias for today’s trading session. The initial targets for the bearish movement are set at breaking the 481.30 level, paving the way for a potential decline towards 475.00, followed by 470.60. It is important to note that the continuation of the expected decline hinges on the price remaining below 487.90.

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The projected trading range for today is expected to fall between the support level at 475.00 and the resistance level at 490.00.

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Overall, the anticipated trend for today points towards a bearish sentiment surrounding corn price as it attempts to recover.

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