In the current market scenario, corn prices are confronting a formidable obstacle presented by the Exponential Moving Average 50 (EMA50) at 425.00. The market awaits a positive catalyst that could facilitate the breach of this level, opening the path towards our anticipated positive target at 433.50.
The prevailing analysis maintains a bullish outlook for the forthcoming period, contingent upon the acquisition of positive momentum capable of propelling the price beyond the resistance posed by the EMA50. It is crucial to bear in mind that the bullish trend remains subject to the condition that the support level at 414.80 is not breached, as a violation of this level would interrupt the anticipated upward trajectory and potentially lead to a decline.
For today’s trading activities, the expected range is projected to oscillate between the support level at 418.00 and the resistance at 430.00. The overall trend anticipated for today aligns with a bullish sentiment, grounded in the potential for the price to overcome the resistance imposed by the EMA50.
Market participants are advised to closely monitor the market dynamics and be vigilant for any signs of positive momentum that could fuel the ascent beyond the EMA50 resistance. Additionally, the critical support level at 414.80 should be carefully observed to assess the strength of the ongoing bullish trend.
