Last month, I took a look at corn as it made mainstream news headlines about its soaring price likely due to midwest droughts and limited supply. I noted that I expected a pause at those levels, though, despite the conventional wisdom that corn would keep soaring inhibited. Fast-forward over a month later and you can see on the weekly timeframe using CORN, the Teucrium Corn Fund, as a proxy for the commodity, that corn did indeed pause for a while at that prior major resistance, as we expected.
However, judging the nature of the pause is important. You can see the weekly benign candles lined up, denoting mild indecision without much selling at all. In other words, corn seemed to have come to terms very well at prior highs, before pushing higher this week.
Indeed, the corn bull is still on the move.