What is Corn the Commodity King Saying

Did you miss this move in Corn over the last 3 weeks? Can’t blame you if you did with a 25% move in the Teucrium Commodity Trust Corn Fund, $CORN, in that short time. This was likely due to talk of drought in the Corn belt leading to lower yields. But now the move is showing signs of ending and reversing and that makes it intersting. The move shows all the signs of a classic blow off top. There are the long white gapping candles higher with the upper shadows increasing each week and the volume is shooting off of the charts as it runs outside of the Bollinger bands. Monday’s activity is what caps it as a potential top. The weekly candle, with one day in the books, shows a doji. Yes there are 4 more days this week, but this is not the kind of price action that was seen in the last 3 weekly candles. A doji print or red candle for the week will seal the deal for a bias to pullback going into the future. Maybe the drought has ended.

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