Corn price approaches the neckline – Forecast today - 22-04-2024

Corn Price Analysis

Expected Scenario

• Corn price shows a bullish bias, nearing the neckline of the inverted head and shoulders pattern visible on the chart. The breach of this barrier is awaited to trigger a rally towards achieving a bullish correction, with initial targets starting at surpassing the 38.2% Fibonacci correction level at 449.20$, then heading towards 461.90$ followed by 474.70$ levels.
• Therefore, we suggest continuing the bullish trend for the upcoming period unless breaking 433.50$ and holding below it.

Expected Trading Range

Between the support at 435.00$ and the resistance at 450.00$