It was a great day for Corn! We got a nice strong continuation to the upside and closed near the top of the candle. And volume is higher than yesterday. This is bullish.
Look how little the bottom wick is. We opened at 342 1/4 and the low was 342. So the bottom wick is only 1/4 point. This is bullish.
If you look closely you'll see the upper Bollinger Band (thin light blue curve) crossed up and over the upper Keltner Channel boundary (thin dark blue curve) and stayed there at the close. This is a BB/KC breakout, aka Squeeze Breakout. This is usually very bullish, and leads to 5-7 more bullish candles. I've been told this is true about 70% of the time.
There is one concern. The stochastics are now overbought (>80%). That's just a yellow caution flag at the moment. But the higher stochastics goes and the longer it stays over 80%, the more pressure there is for a pull back. If you look at your daily corn chart over the past 12 months you'll see there have been many periods when stochastics were either overbought or oversold for many days. So its not a problem but eventually it may cause me to exit at the 50% Fib (365) rather than the 61.8% Fib (374).
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