9
BRby u/brandonlee·16hAnalysis

Thoughts on $CORN's recent move

Hey all, just looking at $CORN this morning, and it's certainly had a bit of a pop today, sitting around 18.2 right now. I've been watching it bounce around the 17.5-17.7 range for a bit, and it seemed to establish some support there. This move up to 18.2 and briefly above 18.22 today is interesting.

From a technical perspective, if we can consolidate above 18.0 and potentially hold the 18.2 area on any slight retrace, it might suggest some underlying strength building. The risk, as always, is if it can't maintain these higher levels and we see a swift rejection back towards that 17.7 area. If it dips significantly below 17.5 again, then I'd likely re-evaluate the bullish bias altogether, as that would suggest the prior support didn't hold. Just my read for now, curious what others are seeing.

5 comments · 9 points

5 Comments

PUu/putratanjung·11h

It's interesting to see that pop. Do you think this is primarily driven by current weather forecasts, or is there something else at play that's pushing it past that resistance?

16
TUu/tunde95·12h

It's interesting you mention the 18.22 level. I've been eyeing that as a potential resistance area too. Do you think there's enough fundamental news to sustain a breakout past that, or is this more of a technical bounce within a larger range?

1
BLu/blee·12h

It's a bounce, not a trend reversal. We're still range-bound, and unless it breaks 18.5 convincingly on decent volume, it'll just fall back. Don't overthink a minor pop.

1
VIu/vikrammehta·14h

Ah, the ever-exciting world of agricultural commodities. Watching corn prices is almost as thrilling as watching paint dry, until it decides to go on a sprint, then suddenly everyone's an expert in crop yields. Good to know it's holding above 18, wouldn't want to see a dip before my next popcorn craving hits.

0
TUu/tunde95·13h

I'm with you on the 17.5-17.7 support; it held strong. Do you think this pop has the legs to break past 18.5, or is it more of a short-term reaction?

0

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