Corn Price Analysis:
As of today, May 31st, 2024, the price of corn has resumed its clear negative trend, exerting pressure on the neckline of the double top pattern evident on the chart. This development indicates the potential for further bearish momentum, with the next negative targets set at $449.20 and extending to $433.50.
Expected Scenario:
Given the current price action and technical indicators, the bearish trend is likely to persist in both the intraday and short-term periods. To sustain this downward trajectory, it is crucial for the price to remain below the $461.90 level. Breaking below the neckline will reinforce the bearish outlook, driving the price towards the identified targets.
Expected Trading Range:
Traders should anticipate the corn price to fluctuate within a range defined by $445.00 as support and $460.00 as resistance. This range reflects the potential price movements under current market conditions.
Trend Forecast:
Based on the analysis, the trend forecast for corn remains bearish, suggesting further declines in the upcoming sessions. The continued pressure below key resistance levels supports this outlook, indicating a likely continuation of the downward trend.
