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The price of corn experienced evident downward pressure in yesterday’s trading session, approaching the crucial support level at 443.50. Concurrently, the stochastic indicator has shed its negative momentum and reached oversold territories, suggesting a potential shift towards a resumption of the corrective bullish trend. The initial target for this correctional upward movement is set at 449.20.
Consequently, the bullish trend scenario is anticipated to remain intact unless the price breaches the support level at 433.50 and sustains a hold below it.
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Today’s projected trading range is expected to fluctuate between the support level at 430.00 and the resistance level at 450.00.
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Trend Forecast: Bullish
