Rising wedge on Corn

On the daily chart of corn we can see that the price has been oscillating, but it has a small inclination to the upside where the highs have been higher than the previous ones and the lows have also been higher than the previous ones. This has formed what it appears to be a “Rising Wedge” formation. The rising wedge formation usually acts as a bearish reversal pattern, where there are more probabilities of seeing a breakout below the lower trendline. However, we must keep in mind that this is a daily chart and the price may try to go higher for the next few days before attempting a bearish breakout. If the price breaks to the downside, then it could target the 345.54 level. On the other hand, to confirm a breakout to the upside, the price would have to break above the resistance zone between the 399.50 and the 404.69.