Short the corn, as they say
Looking like a ripe shorting opportunity, though expecting a short pump before it dumps
Reasons:
- Trendline not definitely broken - could be a fakeout from the bottom of the trendline
- RSI around 38, which is still bear territory
- Declining open interest (over $1 bn yesterday vs 938 mn now)
- Consistently failing to break, close and retest 9600 mark
- EMA50 flipped from support to resistance
- Lower low and lower high
Open Short: 9650-9900 - staggered
T1: 9471
T2: 9240
T3: 8890
SL: 10293
Reasons:
- Trendline not definitely broken - could be a fakeout from the bottom of the trendline
- RSI around 38, which is still bear territory
- Declining open interest (over $1 bn yesterday vs 938 mn now)
- Consistently failing to break, close and retest 9600 mark
- EMA50 flipped from support to resistance
- Lower low and lower high
Open Short: 9650-9900 - staggered
T1: 9471
T2: 9240
T3: 8890
SL: 10293
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