CORN Making a Major Bottom?

In the aftermath of its end of March plunge from 21.45 to 19.92 in reaction to a USDA report indicating Teucrium Corn ETF (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, as well as the impact of a lower USD.

That aside, 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 upmove exhibits very bullish form, and indicates that upon a sustained climb above 21.50, CORN should follow through and accelerate towards 22.10/30 next.

Any weakness into the 20.70/50 area should be used to add to long positions.

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