Corn price stops the bullish correction – Analysis - 08-06-2023
Economies.com
2023-06-08 03:31AM UTC
Corn price faced strong negative pressure yesterday to break 555.90 level and settles below it, starting today with additional decline to break the correctional bullish channel’s support line, to confirm stopping the bearish correction and head to turn to decline again, targeting visiting 526.10 areas mainly.
Therefore, we are waiting for more expected bearish bias in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 555.90 will stop the negative scenario and lead the price to recover again.
The expected trading range for today is between 530.00 support and 550.00 resistance.
The expected trend for today: Bearish
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