Corn Price Decline Continues – Forecast for June 21, 2024

by Jennifer

Corn Price Analysis

The price of corn has decisively breached the $449.20 level, closing below it yesterday. This development has activated a bearish scenario on an intraday basis, signaling potential further declines towards initial targets starting at $433.50. The market is currently influenced by negative pressure indicated by the EMA50 (Exponential Moving Average 50), reinforcing the bearish outlook.


Expected Scenario


Today’s forecast suggests a continuation of the bearish bias in corn prices, supported by recent price action and technical indicators. Traders should anticipate further downward movement towards the target at $433.50 as long as the price remains below the breached support level of $449.20. However, a potential breach above $449.20 could indicate a reversal and prompt intraday recovery attempts.

Expected Trading Range

The trading range for corn is expected to fluctuate between support at $435.00 and resistance at $450.00. These levels are crucial for assessing potential breakout opportunities or reversals in market sentiment, depending on price movements.

Trend Forecast

The trend forecast for corn prices remains bearish for today’s trading session, driven by current market dynamics and technical signals pointing towards continued downward pressure.

Investors and traders are advised to monitor price movements closely within the specified trading range, considering strategic entry and exit points aligned with the prevailing bearish trend in corn prices.

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