On April 23, 2024, the corn price has successfully breached the neckline of the inverted head and shoulders pattern, activating the positive effect of this pattern and initiating a test of the key resistance level at $449.20.
The price is currently making attempts to breach this level at today’s open, reinforcing expectations for the continuation of the bullish correctional trend. The next main targets are anticipated to be $461.90, followed by $474.70.
The bullish trend is expected to remain valid and active in the upcoming period. However, if the price drops below $443.80, it may halt the expected rise and subject the price to negative pressure, with initial targets beginning at the key support level of $433.50.
Traders should anticipate a trading range between the support level at $444.00 and the resistance level at $460.00.
In summary, the trend forecast for corn prices is bullish, supported by the completion of the positive pattern and expectations for further upward movement.
