Is Corn Ready to Pop?

Corn has fallen almost 10% in the past 10 trading days. Price finally touched a support line earlier today down at 373.50 before gaining some strength to close at 377.  The oscillators of Slow Stochastics and RSI are at oversold areas, and price has pulled down the Bollinger Bands.  With today’s higher close, the oscillators should print up.  Corn volatility is finally in the high 20’s again, which is better than it was, but still relatively low for June.

Looking forward into next week, we should expect more volatility and price action around the USDA report on Tuesday. A solid break below today’s low I would consider significant.