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In the realm of corn price analysis, it’s observed that the market has successfully breached the $449.20 level, with the daily candlestick closing below it. This development reinforces the anticipation of sustaining the correctional bullish trend, influenced by the previously completed inverted head and shoulders’ pattern. Notably, the awaited targets commence at $461.90 and extend to $474.70.
The presence of the EMA50 lends support to the continuation of the suggested bullish wave, which remains valid unless the price breaks below $443.50 and maintains below this level.
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For today’s trading, the projected range is expected to be between a support level of $445.00 and a resistance level of $460.00.
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Forecast: Bullish
