Corn prices began trading today with a notable positive trend, positioning themselves to test crucial resistance levels on the charts. This movement marks a pivotal moment for traders as the outcome of these tests could significantly impact future market directions.
Currently, the price is challenging the bearish channels’ resistance levels at $404.00. A successful break above this resistance, followed by a breach of the $408.10 threshold, could signal the onset of a bearish correction phase. In such a scenario, the price might aim to test higher targets, beginning with the $420.20 mark.
Despite today’s upward momentum, the prevailing bearish trend remains intact unless these resistance levels are surpassed. Should the price break through the aforementioned points, the next major support level to watch will be $380.00.
For today, market analysts anticipate that corn prices will fluctuate within a trading range of $390.00 as support and $410.00 as resistance. Traders are advised to remain cautious and attentive to these key levels as the market progresses.
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