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Corn Prices Initiate Bullish Correction – March 8, 2024 Forecast

by Jennifer

Corn prices have experienced a notable upward surge, successfully surpassing the crucial level of 433.50 and concluding the daily candlestick above it. This development has activated a bullish correction scenario, propelling the commodity towards potential gains, with the initial target set at 449.20.

The prevailing market sentiment suggests a bullish bias for the day, influenced in part by the completion of a double bottom pattern, evident in the chart’s discernible signs. It is imperative to monitor the 433.50 level closely, as a breach could potentially halt the anticipated upward movement, leading to a renewed decline in prices.

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The anticipated trading range for the day is anticipated to fall between the support level at 430.00 and the resistance level at 449.00. The overall trend forecast remains bullish, reflecting a positive outlook for corn prices in the immediate future. Traders and investors are advised to stay attuned to market developments that could impact this forecast.

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