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Corn price shows mixed trades – Analysis - 16-11-2023
Corn price touched our first waited target at 493.20 and bounced downwards strongly from there, to reach 481.30 areas, facing contradiction between the technical indicators that might make the price to move within sideways range between the mentioned levels until managing to surpass one of them followed by detecting the next destination clearly.
Note that breaking 481.30 support will push the price to achieve new decline that its next target reaches 470.60 areas, while breaching 493.20 resistance represents positive factor that will lead the price to achieve additional gains that start at 498.50 and extend to 505.10.
The expected trading range for today is between 480.00 support and 493.00 resistance.
The expected trend for today: Sideways
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