Expecting a pullback

1 Jun 2020

Corn is still at the HTF resistance of 9600. We've formed a quadruple top and still haven't broken out to the upside. We remain slightly above a macro trend-line. Volume is still anemic. Futures volume exceeds spot volume on a 4:1 ratio and longs currently dominate short positions. Open interest is still very high - last time it was this high we topped at 10k and dropped into the 8s. All that said, I think we see a pullback to ~9.2K. If bulls lose 8.6k then I think we could see $6500 in June.