Corn has been going mostly sideways for a few weeks with minor uptrend. It seems it changed to downtrend now, even though seasonality would point up in this part of the year.
I see slow stochastics (standart settings) to give a signal today. Look at volume of each candle. Such strong three following candles are just not happening on this chart. Furthermore, we are staying on 200 moving average right now. It can hold for one bounce at least.
In contrary, if you check 4 hours chart, the pattern formed is clearly a bear flag. Very low volumes for bull candles compared to bear ones. Since the price seems to move up already, I recommend you to place a tight stoploss.
My target is not meassured by exact price but by the days I leave the long running. A maximum of three days.
