CBOT corn may continue to decline in the short term, with a target of .....

GoldenOctober2024

2024-06-27 04:01:00

Abstract generation in progress

Pivot Point: 421.25

Probable Scenario: As long as 421.25 remains a resistance level, the downside will prevail.

Less Probable Scenario: If there is a breakthrough above 421.25, it will continue the upward trend with target levels at 424 and 425.75.

Market Analysis: RSI technical indicator is below 30, which may indicate either a continued downtrend or oversold conditions, thus a rebound may form. MACD technical indicator is bearish as it is below its signal line. Additionally, on the 30-minute chart, the price is below the 20-period and 50-period moving averages (currently at 423.83 and 425.86).

Resistance Levels: 425.75**, 424.00*, 421.25**, 420.00 Support Levels: 415.00, 413.50**, 411.75*, 410.00**

(The above analysis is from Trading Central. * represents the strength of support and resistance levels, for reference only.)

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