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Corn Price Breaks Support – Market Analysis – 26-02-2024

by Jennifer

The price of corn has convincingly breached the support line of the established bearish channel, firmly settling below it. This development reactivates the bearish momentum, setting the stage for a move towards new negative targets in the imminent period. The price is anticipated to navigate towards the levels of 405.00 followed by 400.00.

The prevailing bearish sentiment is reinforced by the downward pressure exerted by the EMA50. It is noteworthy that overcoming the resistance level at 417.00 is required to interrupt the current negative scenario and initiate potential recovery attempts on the intraday basis.

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The envisaged trading range for today is expected to fluctuate between the support level at 405.00 and the resistance level at 417.00.

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In conclusion, the market outlook for today suggests a bearish trend in corn prices as the bearish channel’s support line is broken. The continuation of this bearish wave is contingent upon maintaining the negative pressure, and a breach of the 417.00 level is crucial for any potential shift in the current scenario, leading to recovery attempts on the intraday basis.

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