The only reversal date for Wednesday May 11, 2011 is in the July Corn.
July Corn bounced off support provided by the lower upward sloping parallel line and close higher on the two following trading sessions. This price action has formed a potentially bearish reaction swing that, if confirmed, portends a new decline into the $6.25 to $6.00 price range. I will have updated trade information on this daily blog or in the next issue of the TMV Swing Trading Report.
Wednesday is also the “trail day” for Heating oil, Dow Jones and Canadian dollar. A close lower than the opening price could confirm reversals in the Heating oil and Canadian dollar.