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RIby u/riku91·5hDiscussion

Thoughts on the recent $CORN move

Hey everyone, just looking at $CORN today and wanted to throw out some thoughts. We saw a nice push off that 17.605 level earlier, but it seems like the 17.81 area is proving to be some decent resistance on this daily candle. I'm wondering if this recent strength is just a retest of a previous breakdown, or if we're actually setting up for a more sustained move higher.

My initial read is that if we can't decisively break and hold above 17.81 by end of day or early next week, then we could be looking at a false breakout scenario, potentially seeing a retrace back towards that 17.605 level or even lower. The risk that invalidates this view, for me, would be a strong close above 17.81, ideally with some volume to confirm it. Curious to hear if anyone else is seeing similar things or has a different perspective on this action.

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