New Crop CZ16 is right up against a T-line which extends back to the July 2015 highs.
Managed funds have a very large short postion: 222K contracts, or 1.1 billion bushels.
The Contract is also right up against this T-Line.
Most analysts agree that the older or more established a T-line is on the charts, the more significance it can have.
Doubtless, every bull and every bear is looking at this T-Line.
While there is no guarantee ever in technical analysis, in my opinion, the set up gives traders, both bulls and bears, great opportunity.
The opportunity will come as the market digests all the info ans we have price discovery.
Price discover can be a violent thing. But that violent movement represents opportunity.
