Corn prices recently reached the anticipated level of $410, encountering significant resistance at this point. Analysts observe that recent trading activity has been confined within a minor bullish channel, potentially forming a bearish flag pattern. According to market experts, a break below $407.80 would activate the negative implications of this pattern, signaling a potential resumption of the main bearish trend.
Given these developments, a bearish bias is suggested for the near-term outlook, with the next major target expected to be around $393.50. However, if prices breach the $410 resistance level, further bullish corrections could ensue, with a subsequent target set at $420.20.
Looking ahead, traders are advised to monitor the support level near $395.00 and the resistance around $415.00 as key indicators of market direction for the day.
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