Corn prices have successfully reached the anticipated target of $425.30, marking a significant milestone in the ongoing bearish trend. A closer analysis of the price chart reveals the completion of a double top pattern, which is expected to trigger a further decline. This sets the stage for a potential drop to $416.30 as the next target.
Given the current technical indicators, the bearish outlook remains in place for the foreseeable future. However, if prices breach the $434.30 mark, this would invalidate the downtrend, signaling a reversal towards upward momentum.
For today’s trading session, the price is expected to fluctuate within a range of $420.00 as the support level and $432.00 as the resistance.
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