A Counter Trend Trade Setup for Corn Futures?

Corn

Technicals (July)
July corn futures notched their sixth consecutive session with a lower close, the longest losing streak since February. We see weakness again in the early morning trade, but the intraday lows from Monday are still intact, which is actually encouraging considering the better-than-expected crop ratings report we got earlier in the week. 433-436 continues to be the support pocket we are keeping an eye on, this pocket is really where the market started carving out a meaningful short-term low in March and April. From a risk/reward perspective, we believe this pocket set's up for a nice counter trend trade. A break and close below that support pocket would neutralize that thesis, but if the Bulls can defend it, we could see the market seek relief and gravitate towards our pivot pocket from 448-451.

Bias: Neutral/Bullish

Resistance: 460 1/4-463 1/2***, 471-474 3/4****
Pivot: 448-451
Support: 433-436****

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*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.

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