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Corn price forms positive pattern – Forecast today - 07-08-2024
Corn price provided positive trades in the previous sessions and attempted to approach the first target at 404.00$, but it faces negative pressures now, noticing that stochastic gains the positive momentum to support the chances of resuming the rise on the intraday basis.
On the other hand, we notice that the price is forming inverted head and shoulders’ pattern that its signs appear on the chart, which means that breaching 400.00$ will provide strong positive motive that supports the expectations to achieve positive targets that start at 404.00$ followed by 415.00$, to continue suggesting the bullish trend for the upcoming period unless breaking 392.50$ and holding below it.
The expected trading range for today is between 390.00$ support and 405.00$ resistance.
Trend forecast: Bullish
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