Corn price loses momentum – Analysis - 03-12-2020

Corn price provided positive trades yesterday to approach retesting the broken support of the bullish channel that turns into key resistance now at 427.00, accompanied by stochastic loss to the positive momentum and entering the overbought areas, which supports the chances of bouncing bearishly to resume the correctional bearish trend, which its next target located at 409.80.

Therefore, the negative scenario will remain valid for the upcoming period unless breaching 427.00 and holding above it.

The expected trading range for today is between 409.80 support and 427.00 resistance.

The expected trend for today: Bearish