Corn prices are exhibiting continued negative stability as attempts to breach the 452.50 level proved unsuccessful, resulting in a bearish bounce and subsequent maintenance below this critical level. The prevailing bearish trend remains intact, with the added confirmation of downward pressure from the EMA50. The anticipated target in this bearish scenario is set at 440.00.
It’s essential to monitor the price action closely, with particular attention to the key resistance level at 451.50. A successful breach above this level would signal a potential recovery, directing the price towards testing the bearish channel’s resistance around 461.30 before any new attempts at decline.
Traders are advised to consider the expected trading range for today, fluctuating between support at 440.00 and resistance at 453.00. The overall trend outlook for today leans towards the bearish side, aligning with the sustained negative stability.
