Corn price draws negative pattern – Forecast today - 10-05-2024

Corn Price Analysis

Expected Scenario

The corn price continued to decline, breaking the 459.00$ level and settling below it. A deeper look at the chart reveals the formation of a head and shoulders pattern, indicating a negative scenario on the intraday basis. The target is set at 449.20$ initially, with further targets at 440.00$ and 433.50$ upon breaking the initial level.

We expect further decline in the upcoming sessions unless there's a breach of 461.90$ and holding above it.

Expected Trading Range for Today

Between the support at 445.00$ and the resistance at 465.00$