Watching $CORN at this consolidation ahead of the weekend
Been keeping an eye on $CORN lately, and it looks like we're settling into a pretty tight range. The recent action around the 17.60 mark, with the day's high at 17.67 and low at 17.49, suggests some indecision. What I'm seeing is a potential base forming, but it's not a slam dunk yet. I'm looking for a clear move above 17.70 or so to signal some renewed buying interest, perhaps even a retest of the prior resistance around 18.00. The risk here, and it's a significant one, is a breakdown below 17.40. If that happens, I'd expect a quick retest of the lower 17.00s, possibly even 16.80. Volume has been decent but not exactly screaming conviction either way, which reinforces the idea of consolidation.
It's a tricky spot. The overall trend isn't exactly bullish, but we're not collapsing either. My bias leans slightly towards a bounce simply because of how compressed the price action has become, but that 17.40 level is critical. If we breach that on any real volume, the whole thesis is off the table, and I'd be looking for lower prices. Just sharing my current thinking on it, interested to hear if others are seeing something different.
Yeah, I've noticed the same on CORN. It feels like everyone's waiting for a catalyst, but I'm not sure what it would be at this point. Do you have any events or news in mind that could break it out of this range?