CN11 – July Corn (Last:708-3/4)

July Corn (CN11) price chart with targetsWe usually use the Hidden Pivot targets of larger patterns to set up ‘camouflage’ trades on charts of lesser degree.  In this case, however, in July Corn there is a compelling trendline that might better serve our purposes.  It implies a test of support at exactly 687-5/8 if it happens today (i.e., Monday), and so I’ll suggest looking for a tradable turn there, and catching a ride northbound on the first ABCD pattern that subsequently develops.  Because the trendline is so obvious, we should expect at least a small feint below the support before the futures turn around, so plan accordingly.  And if you do get aboard, be sure to take a partial profit on half the position if ‘p’ is reached, since a breach of the trendline could turn out to be the bearish real McCoy. ______ UPDATE (June 21, 3:45 a.m. EDT): The support has migrated up the trendline to 388 today, implying the opportunity touted above still holds, albeit at the new number.