In the aftermath of its end-of-March plunge from 21.45 to 19.92 -- in reaction to a USDA report about Teucrium Corn ETF (NYSE:CORN) area plantings for the forthcoming harvest season -- CORN has recovered all of the decline, largely because of potential foreign demand from China and Brazil, not to mention the impact of a lower USD.
That said, and purely from a technical perspective, I can make the case that the entire bear market from the Aug. 2012 high at 52.71 ended at the Apr. 2016 low of 19.92.
The Apr. up-move exhibits very bullish form and indicates that upon a sustained climb above 21.50, CORN should follow through and next accelerate toward 22.10/30.
Any weakness into the 20.70/50 area should be used to add to long positions.
