Bearish rising wedge on CORN after the extended run

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.

ความคิดเห็น:

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.