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Corn prices exhibited modest gains in trading yesterday, but signs of potential downward momentum are emerging. The stochastic indicator has lost its positive momentum and is now overlapping negatively, suggesting that prices may resume their expected bearish trend in the near future. The next target for this decline is set at $405.20.
Support for the anticipated bearish wave remains intact, primarily due to the influence of the 50-day Exponential Moving Average (EMA). This bearish outlook will hold unless prices breach the $416.30 mark and maintain stability above it.
For today, analysts predict a trading range between the support level of $400.00 and the resistance level of $415.00.
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