Based on seasonality and current price, the downside direction is more probable. Depending on how strong will be tomorrow's move, I will decide one of the two ways to trade it.
a] Direct bounce off resistance 4.065 with stop-loss nearing 4.165, which is resistance plus average true range. For this, I want to see overlapping candles decreasing in size (volume considered) as we approach the resistance.
b] The second option is to wait until the resistance is broken and stand by until we return to it. I will use this if the further breach is imminent.
Either way, I don't think corn can rally now when the trade war is getting hotter and seasonality says "No!" I will be looking to sell when the price gets to the extended Keltner Channels areas. Could be around 3.7
a] Direct bounce off resistance 4.065 with stop-loss nearing 4.165, which is resistance plus average true range. For this, I want to see overlapping candles decreasing in size (volume considered) as we approach the resistance.
b] The second option is to wait until the resistance is broken and stand by until we return to it. I will use this if the further breach is imminent.
Either way, I don't think corn can rally now when the trade war is getting hotter and seasonality says "No!" I will be looking to sell when the price gets to the extended Keltner Channels areas. Could be around 3.7
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