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On Monday, corn prices demonstrated notable gains, surpassing the $387.30 mark and settling above it, suggesting a potential bullish correction. However, the stochastic indicator currently displays negative signals, which could lead to a price decline.
The divergence between these technical indicators creates uncertainty regarding the next market direction. If prices break through the $394.80 level, they may aim for $405.20 as an initial target for correction. Conversely, a drop below $387.30 could lead to a decline towards $380.00, with further support levels at $365.00.
Today’s expected trading range is between $380.00 and $400.00.
Related topic:
Who Initiates Delivery In A Corn Futures Contract?