Corn price draws negative pattern – Analysis - 26-09-2022

Corn price achieved a clear break to 681.00 level to approach from the main bullish channel’s support now, by looking deeper in the chart, we find that the price is drawing a double top pattern that its confirmation level is located at 669.00, which means that breaking this level will get the price out of the bullish channel and pushes it to achieve negative targets that begin at 660.70 and extend to 646.60.

Therefore, we expect witnessing more of the downside moves in the upcoming sessions, taking into consideration that breaching 681.90 will cancel the negative possibility and leads the price to recover.

The expected trading range for today is between 655.00 support and 680.00 resistance.

The expected trend for today: Bearish