dchua1969

Great buying opportunity for Lumber futures, don't miss it again

Long
CME:LBS1!   RANDOM LENGTH LUMBER FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
At around 489 price level in Nov last year, I made a trade call to go long on this futures . Those who followed me would have made a 2 fold returns on this futures in 6 weeks or less time.

Congratulations on that ! Now that it has dropped more than 30% from the peak at 900, I believe a 2nd rally is imminent. But whether it can break out of 900 price level as resistance remains a mystery.

So, I would be taking a long position here at 629 and aim for around 828 level as target. Basically, aiming for the gap to be filled up like the previous ones. The long term weekly and daily bullish trend lines remain intact so there is no need to panic.


Comment: Praise God. Gap has been closed and is poised to go higher from here. Watch 900 resistance level, it may pull back from here before moving higher. Those who are short term traders and bought at 629 can take some partial profits.
Comment: Praise Lord, it has moved nicely to where we want. Now, at around 903, I see some resistance but I think it is likely to break up higher ......
Comment: added more

Comments

@dchua1969 Man, what a great call! Just looking into this after the fact myself of course, but I'm curious when you think we might see a major top?
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