Corn Price Analysis
Corn prices have successfully reached our first extended target at $449.20 and are now exerting additional negative pressure on this level. The completion of the double top pattern, as shown on the chart, increases the likelihood of further declines. Breaking through the $449.20 level could pave the way for a drop to the $433.50 area as the next main target.
Expected Scenario
We continue to suggest a bearish trend for the upcoming period. However, if the price fails to break below $449.20, it might recover and test the $461.90 area before attempting another decline.
Expected Trading Range
Support: $440.00
Resistance: $455.00
Trend Forecast: Bearish
Given the technical setup, the bearish trend is likely to persist. Traders should keep an eye on the $449.20 level, as a successful break below this point could lead to further declines towards $433.50. Conversely, a failure to break this level may result in a temporary recovery, with potential testing of the $461.90 resistance area.
