Corn Futures Price Dives on Strong Sell Bias and Oversold Conditions

The price of Corn Futures (ZC) is currently trading at US$531, down 1.8% intraday. Despite being below its key short- and medium-term moving averages, the price remains above its long-term average.

The current technical indicators suggest a strong sell bias, with prices stretched to the downside and sellers dominating intraday action.

According to the proprietary model used by Traders Union, there is a 71% probability of continued decline unless resistance at US$539.56 is breached.