Another great day for a Long trade in March Corn. Definitely wanted to hold the position over the weekend. Looks like we're just beginning to break out of the BB/KC Squeeze on increasing volume, and Stochastics aren't overbought yet.
However, we are right on the underside of the channel trend line. We're well over the 3ema and getting pretty far from the 8ema. And we're approaching the previous swing high at 439 1/2. Each of these 3 things can cause resistance, leading to a reversal.
If we do get a reversal, it could turn into a Cup and Handle, which would be ok for our long trade, but it could also turn into a Double Top, which is not good.
Raised our Stop to break even at 428. We'll see what happens next week.
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