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Corn Price Analysis
The corn price has sustained its descent, breaching the $459.00 level and settling below it. A detailed examination of the chart reveals the formation of a head and shoulders pattern, signaling a negative outlook on an intraday basis. The initial target is established at $449.20, with subsequent targets at $440.00 and $433.50 upon breaching the initial level.
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We anticipate a further decline in the forthcoming sessions unless there is a breach of $461.90 and a subsequent hold above this level.
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Expected Trading Range for Today
We project the trading range for today to fluctuate between the support level at $445.00 and the resistance level at $465.00.
Trend Forecast: Bearish
