Corn prices experienced modest gains recently, testing the resistance of the EMA50, which has proven to be a significant barrier against further upward movement. The stochastic indicator is currently showing signs of a negative overlap, suggesting potential downward pressure that could reinforce the anticipated bearish trend in the near future. Initial downside targets are set at $393.50, with a further potential decline to $380.00.
Maintaining a position below $410.00 is crucial for the continuation of the expected downtrend. A breach above this level, however, could trigger a bullish correction, potentially pushing prices towards $420.20 as the next target.
Today’s anticipated trading range is expected to fluctuate between support at $390.00 and resistance at $410.00. Traders are advised to monitor these levels closely for potential trading opportunities amid prevailing market sentiment.
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