Corn Price Analysis: Predicted Outlook
Yesterday, corn prices surged significantly, surpassing the $449.20 mark and targeting the broken neckline of a double top pattern visible on the chart. This movement suggests a potential recovery in forthcoming sessions. However, it’s notable that the price is experiencing a wane in positive momentum, potentially exposing it to new downward pressure.
Given this confluence of technical factors, we advocate a cautious stance until clearer signals for the next trend emerge. It’s crucial to monitor the breach of key levels: breaking below $449.20 would reactivate the negative scenario, with the next target set at $433.50, while surpassing the resistance at $461.90 signifies a continuation of the upward trajectory, potentially leading to additional gains up to $474.70.
Expected Trading Range
The anticipated trading range lies between a support level of $443.00 and a resistance level of $465.00.
Trend Forecast: Neutral
