Corn prices have recently shown positive movement, nearing the initial target of $404.00 before encountering downward pressure. Despite this, stochastic indicators are indicating positive momentum, potentially supporting a renewed uptrend in the short term.
Technical analysis reveals the formation of an inverted head and shoulders pattern, visible on the price chart. Breaking above the $400.00 mark could signal a strong bullish signal, reinforcing expectations for further gains targeting $404.00 initially, followed by $415.00. This suggests a bullish outlook unless prices drop below $392.50 and sustain such levels.
For today’s trading, support is seen at $390.00, while resistance lies near $405.00, outlining the expected trading range.
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