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Corn Price Forecast – June 24, 2024: Resuming Decline

by Jennifer

Corn Price Analysis

The price of corn has recently resumed its downward trajectory, extending losses to reach the $440.00 mark. This decline reinforces expectations of a continued bearish trend in upcoming sessions, with the next target set at $433.50. The presence of a double top pattern further supports this negative outlook. However, for a shift in sentiment, it’s essential to monitor if the price manages to surpass and sustain above $449.20.

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Expected Scenario

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Today’s forecast maintains a bearish outlook for corn prices. Traders should anticipate further downside movement towards the target at $433.50, driven by the prevailing negative sentiment and technical patterns. A breach above $449.20 could invalidate this bearish scenario, potentially triggering a reversal.

Expected Trading Range

  • Support: $435.00
  • Resistance: $445.00

Trend Forecast: Bearish

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