This is not technical analysis but its more likely related with the CoT report which shows potential short on commercials and long on speculators. The reason I believe we will have uptrend:
1. CoT commercials are short as they used to be back in August 2010.
2. There are significant floods in US which devastated the crops.
3. It already broke the descending triangle.
What could go wrong:
1. We had same position on CoT traders in May 2018 which led to drop in the price.
2. US could import corn.
However, I am still bullish on this one and the potential trade will be:
Entry point 4.62, TP: 5.30 - Hedge or SL:3.95-3.85
CoT data in the comments:
1. CoT commercials are short as they used to be back in August 2010.
2. There are significant floods in US which devastated the crops.
3. It already broke the descending triangle.
What could go wrong:
1. We had same position on CoT traders in May 2018 which led to drop in the price.
2. US could import corn.
However, I am still bullish on this one and the potential trade will be:
Entry point 4.62, TP: 5.30 - Hedge or SL:3.95-3.85
CoT data in the comments: