Corn prices breach support – Analysis – 03-08-2023
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Photo By Economies.com
Corn prices managed to pierce 509.50 and close below it, supporting the continuation of the expected downward trend in the intraday levels and the short term, and opening the door for 470.00 then 435.60 as main negative targets.
Negative pressure from the 50 SMA supports the suggested downward wave, which will stand as long as prices hold below 509.50.
Expected trading range for today is between the 470.00 support and the 500.00 resistance.
Expected trend for today: Bearish
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