Corn price tests the resistance – Analysis - 19-01-2024

Corn price provided mixed trades yesterday, as it declined strongly to approach the waited target at 440.00, but it bounced upwards quickly to test the key resistance located at 450.50 now, which urges caution from the upcoming trading, as the price needs to consolidate below this resistance to keep the bearish trend scenario active for the upcoming period.

Stochastic loses its positive momentum clearly to support the chances of resuming the expected decline, taking into consideration that breaching 450.50 will push the price to achieve additional gains and target 460.50 areas before any new negative attempt.

The expected trading range for today is between 440.00 support and 455.00 resistance.

The expected trend for today: Bearish