Corn prices experienced further depreciation in recent sessions, drawing nearer to our initially anticipated target at 465.50. The current market dynamics reveal a minor rebound as the price registers marginal gains, testing the preliminary resistance level at 470.60. Concurrently, stochastic indicators exhibit signs of waning positive momentum, entering the overbought territory. This scenario lends credence to the possibility of a bearish reversal, aligning with the broader projected downtrend.
It is imperative to highlight that the subsequent target for the bearish trajectory is set at 450.00. However, a pivotal factor to monitor is the potential breach of resistance levels at 470.60 and 474.00. Should these levels be surpassed, it would constitute a positive development, potentially signaling a shift in sentiment and initiating a bullish correction in the short term.
For today’s trading outlook, the expected range oscillates between the support level at 460.00 and the resistance level at 473.00.
Expected Trend for Today: Bearish
