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CORN showing strength, but upside limited?
Watching $CORN this morning, it's had a decent bounce, currently at 18.26. It poked its head above 18.295 earlier, which was interesting. On a wider timeframe, that 18.30-18.40 zone has been pretty sticky resistance. I'm looking at potential scenarios for short-term options plays here, maybe selling some calls if it pushes up toward that ceiling.
The risk, of course, is a clean break above 18.50 on conviction. If it gets a daily close up there, then this entire resistance narrative is probably out the window, and I'd be rethinking. Always fun trying to catch a falling knife, or in this case, a rising grain. My crystal ball is in the shop, so take it with a pinch of salt.
1 comments · 5 points
Ah, the classic "head above water" move, only to remember there's a rather stubborn ceiling. Selling calls into resistance always feels like a safe bet until the market decides to spontaneously combust and break out. Good luck with the plays!