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Corn prices have experienced a notable upward bounce after approaching the anticipated target of $405.20. This rise has led to a test of the crucial resistance level at $416.30. Accompanying this movement are clear negative signals indicated by the stochastic oscillator, suggesting a potential resumption of the expected bearish trend in the short term.
However, it is essential to recognize that a breach of the $416.30 resistance would invalidate the current negative outlook and could trigger a new bullish correction.
For today, analysts anticipate that corn prices will trade within a range, with support set at $405.00 and resistance at $420.00.
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