Today was very similar to 2 days ago. Initially price dropped down to the lower Trend Line and 20sma where it found support. It bounced off of support and rose all the way to hit the upper Trend Line exactly. Then reversed back down to close right on the 8ema, with a small body.
Today and the previous 3 trading days are all long legged Doji's on decent volume. This indicates an active but inconclusive battle between the Bulls and the Bears.
However, looking at the past several days you can see we're forming a Bull Flag pattern. I drew in the upper and lower Trend Lines to outline it. The expected conclusion to a Bull Flag is a break out to the upside. We did that yesterday, but got sucked back in like Michael Corleone.
Unless we get some significant news that effects the Corn market, I think the odds are generally in our favor for a break out to the upside.
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