Into the closing bell, note the textbook, gap-down and massive reversal in CORN today after a sharp swoon of late.
Corn has been disappointing this spring and summer, but it may finally be ripe to reverse on higher after this hammer candlestick, seen below.
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My goodness I hope so. I’ve been waiting for a bounce to escape since the mid-30’s. I goof around with a UNG-CORN interchange and I got so focused on the UNG short (puts) that I overlooked just how terribly the CORN long (shares) had cratered the last several weeks. Leverage always wins one’s attention when you’re working 2 jobs and time is scarce!
That is a dirty hammer. Thx for the observation, its worth a shot IMO. Tight stops.