Corn price draws negative pattern – Analysis - 19-01-2021

Corn price could not manage to reach the recently recorded top at 542.30, to show signs of double top pattern that we expect to push the price for bearish correction for the rise that started from 418.10, noting that breaking 520.10 will activate the mentioned pattern and push the price to achieve negative targets that start at 513.00 and extend to 484.90.

Therefore, the bearish bias will be expected for the upcoming sessions unless the price rallied to breach 535.40 followed by 542.30 levels and holding above them.

The expected trading range for today is between 520.00 support and 535.40 resistance.

The expected trend for today: Bearish