2
Corn prices reached the anticipated target of $425.30 but closed below this level on Friday, strengthening expectations of a sustained bearish trend with a potential target of $416.30.
The emergence of a double top pattern adds to the bearish outlook, suggesting a further decline. However, should the price break above $425.30, followed by a breach of $428.20, it could halt the downward momentum and initiate recovery attempts in the short term.
Traders can expect today’s price range to oscillate between a support level of $410.00 and a resistance level of $428.00.
Related topic:
Who Initiates Delivery In A Corn Futures Contract?