Watching $CORN here, interesting setup on the daily
Hey all, been keeping an eye on $CORN lately and it's looking pretty interesting around these levels. We've seen a pretty consistent downtrend for a bit, but that recent push down to the 17.90 area and subsequent bounce seems to have held. I'm seeing a potential for a short-term consolidation or even a reversal forming, especially with the daily candles printing some hammer-like structures around the 17.91 mark.
My thinking is that if we can hold above that 17.8938 daily low, there's a good chance we could see some buying interest step in and maybe push us back towards the 18.15 resistance. However, if we break cleanly below that 17.8938 level, especially on increasing volume, then my entire read is invalidated. That would suggest the downtrend is still very much in play and we could be looking at new lows. Just my two cents, always keeping an eye on risk management.
That's an interesting observation on the hammers. Do you think the broader market sentiment around commodities right now will play a big role in whether that bounce holds, or is $CORN more insulated?