Watching CORN's range, possible breakout on volume
Been keeping an eye on $CORN lately, specifically its behavior around this 17.50-17.75 range. It feels like we're consolidating after that recent push, with the daily candle today (currently 17.65) pretty much stuck within yesterday's body. The volume has been average, which isn't screaming 'imminent move' but it's not disappearing either.
My read is that if we get a decisive close above 17.76 on better-than-average volume, there's a good chance we could see a move towards 18.00+. Conversely, a break and close below 17.56 could invalidate that idea and send us back to test the low 17s. I'm looking at potential long vol plays if we get that upside conviction, maybe a call spread further out if the IV holds. Just thinking out loud here, obviously things can change quickly.
Consolidation indeed. The question is if there's enough fundamental catalyst brewing for a sustained move beyond that range, or if it's just more noise in the channel.