Corn price awaits confirmation signal – Analysis - 26-05-2023

Corn price didn’t show any strong move yesterday, to fluctuate within sideways track, confined between the key levels represented by 550.00 support and 55.90 resistance, and as we mentioned in our last report, the price needs to breach one of these levels to detect its next destination clearly, which makes us continue with our neutrality until now.

We remind you that breaching the mentioned resistance will lead the price to resume the correctional bullish track and head towards 574.30 as a next positive target, while breaking the support will put the price under the negative pressure again, to resume the bearish track and visit 536.80 followed by 526.10 levels mainly.

The expected trading range for today is between 545.00 support and 562.00 resistance.

The expected trend for today: Neutral