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Corn Price Tests Key Support, Indications of Potential Reversal

by Jennifer

Corn price has encountered pronounced negative pressure in recent sessions, leading it to test a pivotal support level at 481.30. Notably, oversold signals are apparent through stochastic indicators, suggesting a potential upward correction in the upcoming sessions.

Anticipating a sideways movement, we expect the price to fluctuate within a range defined by the support at 481.30 and resistance at 493.20. It is crucial to observe the price action closely, as a breach of the support may prompt further losses, targeting 470.60 areas. Conversely, breaking the resistance is pivotal for constructing a bullish wave on both the intraday and short-term horizons, with targets set at 498.50, followed by 505.10 levels.

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Today’s projected trading range is expected to be between the support level of 473.00 and the resistance level of 490.00.

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The expected trend for today is assessed as sideways, subject to potential market developments.

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