Corn prices experienced significant downward pressure in recent sessions, testing the crucial support level of $454.00. However, the price managed to consolidate above this level, preserving the positive outlook for the upcoming period. This resilience is further supported by the 50-period exponential moving average (EMA50), which strengthens the current support and helps maintain the bullish sentiment.
Traders are now awaiting a potential resumption of the upward trend, with the next targets set at $463.30, followed by $474.60. Positive signals from the stochastic indicator suggest a higher likelihood of a price increase today, reinforcing the expectation of continued gains, provided the price holds above the $454.00 support.
The anticipated trading range for today is between the $450.00 support level and the $465.00 resistance level.
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