ViclreTrade

BULLISH ON US RICE

Long
CBOT:ZR1!   Rice Futures
Bullish clues:

- Selling volumes were decreasing
- Price reached support zone at 13.115 USD ( demand zone )
- Price crosses upward the 20 exponential moving average
- Price crosses upward the bearish oblique resistance (end of the falling wedge )
- RSI crossed the 50 level

The price of US Rice could reach the strong resistance at 13.455 USD, which is exactly the 23.6% Fibonacci retracement level, to the nearest pips.

Feel free to share, comment and give your opinion if it is constructive ;)

DISCLAIMER: This is not investment advice
Trade closed: target reached: US Rice reached the price level of 13.440 USD and will now reach again the support around 13.100 USD => range.