The commodity corn
has taken a big hit in 2013. As it has plummeted, many have started to look for a potential bottom, an entry price to go long. It is looking more and more likely that bottom is at hand. Take a look at the weekly chart of Teucrium Corn Fund
(NYSEARCA:CORN). This is an ETF
that tracks corn
. Please note that four weeks ago a bottoming tail was put in, and last week another bottoming tail was put in. It is clear that this commodity is trying to put in a low and upside could be right around the corner. A long at the current $31.00 level appears attractive with downside limited and upside to $34.50 likely.
Chief Market Strategist