Corn price hits the extended target – Analysis - 18-06-2021

Corn price succeeded to achieve our waited target at 572.70 and broke it to settle below it, which puts the price under more expected negative pressure on the short term and medium term basis, to head towards visiting 526.20 as a next main station.

The EMA50 supports the suggested bearish wave, organized inside the bearish channel that appears on the chart, taking into consideration that breaching 572.70 and holding above it will lead the price to achieve intraday gains that target testing 601.50 level before any new attempt to decline.

The expected trading range for today is between 555.00 support and 580.00 resistance.

The expected trend for today: Bearish