CORN ETF in uptrend
In mid-May CORN – the Teucrium Corn Fund – moved above its descending channel – see the blue lines. Following that, CORN quickly moved above its 10- 20- and 50-day exponential moving average and reached its upper Bollinger Band, a sign of strong uptrend.
Then, see the orange box, price went through a small correction phase, where price moved along its 10-day exponential moving average for a few days. This correction ended when CORN quickly moved above the upper side of the orange box, at about 17.1, and closed again near the upper Bollinger Band.
MACD clearly depicts the whole process of trend change. First it moved above its signal line and then to positive territory, as the uptrend was developing. Then, during the minor correction, MACD reached its signal line and now MACD started moving up again as bullish momentum seems to have resumed,
Just as important, CORN’s Relative Strength has been moving mostly up and above its 20-day exponential moving average since mid-May.