Corn prices experienced pronounced negativity in recent sessions, breaking below the critical level of 477.40 and re-entering the established bearish channel visible on the chart. This movement signals a revival of the negative scenario, with the commodity poised to target lower levels, commencing at 465.50 and extending down to 450.00 following the breach of the preceding level.
The EMA50 lends support to the envisioned bearish wave, a trend that remains valid unless the price manages to rally, successfully breaching the 475.00 mark and maintaining a position above it.
Market observers are advised to closely monitor the anticipated trading range for today, stretching from the support level of 460.00 to the resistance level of 473.00. This range serves as a pivotal indicator for assessing potential price movements and guiding strategic decision-making.
In summary, the reactivation of the negative scenario in corn prices points towards an impending bearish trajectory, with key support levels dictating the extent of potential further declines. The ability of the commodity to breach resistance levels will be instrumental in determining its short-term market trajectory.
