Commodities

Midday update for Corn price 06-08-2020

2020-08-06 09:04:53 GMT (Economies.com)

Corn price’s recent trades are confined within intraday bullish channel that we believe it forms bearish flag pattern, thus, the price needs to break 316.80 to activate the negative effect of this pattern and rally towards our waited target at 307.60.

 

Therefore, we will continue to suggest the bearish trend for today, supported by stochastic reach to the overbought areas, reminding you that it is important to hold below 326.10 to continue the expected decline.

 

The expected trading range for today is between 310.00 support and 321.00 resistance.

 

The expected trend for today: Bearish

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