Corn price surpasses the first target – Analysis - 14-01-2022

Corn price succeeded to achieve our first waited target at 589.20 and broke it to settle below it, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that we expect to push the price to achieve more bearish correction for the rise measured from 498.50 to 617.60.

Therefore, we are waiting for more decline in the upcoming sessions, and the next target is located at 572.10, noting that breaching 589.50 and holding above it will stop the negative pressure and lead the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 572.00 support and 593.00 resistance.

The expected trend for today: Bearish