Midday update for Corn price 16-08-2021

Brent oil price attacks 69.65 level and settles below it now, to support the expectations of continuing the bearish trend on the intraday and short term basis, organized inside the bearish channel that appears on the chart, as our next target is located at 67.70, while the price needs to get a four hours’ candlestick close below 69.65 initially to reinforce the suggested negative scenario.

Crude oil price shows additional negative trades to break 67.45 level and attempts to hold below it, reinforcing the expectations of continuing the bearish trend efficiently for the rest of the day, which its next main target located at 65.20, noting that holding below 67.45 represents initial condition to continue the expected decline, as breaching it might lead the price to achieve intraday gains that target visiting 69.25 areas before turning back to decline again.

Silver price resumes its negative trades to move away gradually from 23.75 level, affected by stochastic negativity, waiting for more decline to hed towards 22.90 as a next main station, taking into consideration that breaching 23.75 will stop the negative scenario and lead the price to turn to rise on the intraday basis.