Corn prices saw a positive trend in recent sessions, nearing a key resistance level of $434.30. However, the 50-period Exponential Moving Average (EMA50) has presented significant resistance, while stochastic indicators have shown a clear loss of upward momentum.
Given these factors, a bearish bias is expected in the coming sessions. The immediate target is $425.30, with potential to extend to $416.30 if the previous level is breached. It is important to note that the continuation of this bearish trend depends on the price maintaining stability below the $434.30 resistance level.
The anticipated trading range for today is between $420.00 on the support side and $434.00 on the resistance side.
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