Corn price needs the positive momentum – Forecast today - 30-04-2024

Corn Price Analysis

The price of corn shows a bearish bias, moving below the 449.20$ level. However, it's worth noting that the EMA50 attempts to halt the negative trades. We continue to suggest a correctional bullish trend, influenced by the previously completed inverted head and shoulders’ pattern. This supports the chances of achieving positive targets, starting at 461.90$ and extending to 474.70$.

On the other hand, it's important to note that the continuation of the decline and breaking below 443.00$ will stop the expected rise and push the price to turn to decline.

Expected Trading Range

• Support: 444.00$
• Resistance: 455.00$

Trend Forecast

Bullish