Corn price achieves the first target – Analysis - 21-01-2021

Corn price managed to reach our first correctional target at 513.00 and bounced upwards clearly from there, noticing that the price moves within intraday bearish channel that we believe it forms bullish flag pattern, which means that breaching 531.40 will provide positive motive that supports the chances of resuming the main bullish trend.

Therefore, the bullish trend will be expected for the upcoming period, and the targets begin at 542.30 and extend to 560.00, taking into consideration that breaking 513.00 will press on the price to achieve more bearish correction on the intraday basis.

The expected trading range for today is between 520.00 support and 542.00 resistance.

The expected trend for today: Bullish