The chart of Corn (CORN) has been moving sideways for a month. We have been watching corn closely. On the big downward intraday reversal today, CORN held the gap on the open.
The RSI has not broken out yet and this is bottom fishing. But the volume trend looks different this week than it has for four months.
Plan your trade, complete with stops. This could be a wild ride on a harvester.
Greg Schnell, CMT
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.