The market was looking toppy earlier this week after open interest had grown 50,000 contracts in 5 weeks, RSI was at 70% and the specs had grown their long position back close to 30% Technically, we were running up against trend line resistance on the monthly continuous as well as H'08 charts.
Just when it looked like the market was reaching a top and ready for a correction, corn alone saved the day and all the negative technicals have been erased. It is impossible to pick a top after today's limit up move and we will just have to wait and see how the market responds on Monday.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
