Based on seasonality1 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
You can check my analysis also on TradingView: https://www.tradingview.com/chart/CORNUSD/NDlUSAWc-Corn-Retest-Chance-Tomorrow/?fbclid=IwAR35yEgIGuU4GikA3iz-KGxHEH1b9_s9xNg4or2qLHyICsLuTNqYnjKSoSQ
