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TK0421

Bearish rising wedge on CORN after the extended run

Short
Teucrium Corn Fund ETV (AMEX:CORN)  
TK0421 Updated   
AMEX:CORN   Teucrium Corn Fund ETV
Trend Analysis Technical Indicators Chart Patterns CORN shortsetup reversing trendtrade
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trendanalysis indicator chartpattern corn shortsetup reversing trendtrade
On the daily time frame of CORN, there is a nice looking bearish rising wedge. It has been a quite a run and now it has gone up too quickly. RSI is reading extreme over bought. PPO is poised to make a bearish high level cross over. Also, when it falls back into the price channel, it will be very bearish as it will be a bull trap. I entered long $11.60 range so it's time to take profit and reversing to short. Long term bullish but short term bearish.
Comment:
Shooting over the top of the wedge and coming right back down. Perfectly landed on top of the trading channel and horizontal support level and bouncing so far. Bullish if there is a follow through.
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