Corn prices recently approached the anticipated target of $425.30 before experiencing a downward bounce, subsequently testing the crucial support level of $416.30. This support level is reinforced by the 50-day Exponential Moving Average (EMA), which adds additional strength to the support zone. Additionally, the stochastic indicator is showing clear oversold signals.
Given these conditions, there is a strong possibility for a continuation of the correctional bullish trend, with initial targets set at $425.30 and extending to $434.30 upon surpassing the previous level. However, it is important to note that a break below $416.30 would invalidate the bullish outlook and could lead to a downward price shift.
Today’s expected trading range is between a support level of $410.00 and a resistance level of $425.00.
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