Not good. Gap down and run. No upper wick at all. Close below every Moving Average we use and near the bottom of the candle. This is all bearish and bad for our long position.
I try to leave fundamentals out of my analysis, but FYI from what I read, the major cause was a good weather forecast for this growing season. Plus last nights comments from the US Government re: China came out bearish but were corrected, but only after the Grains markets headed downward.
The "good news" is that we bounced a little off the lower Trend Lines and the Bollinger Bands and Keltner Channel. Price hasn't broken through the Bull Flag pattern, or gone lower than the low of the slow round curve we've been forming since April.
Its possible we'll form a Cup and Handle pattern, which would be bullish if we eventually break out of it.
Since we have some sources of support, and limited risk thanks to using an option, I decided to hold the position, although my rules clearly wanted to exit this trade.
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