- General uptrend since mid of June - Ascending triangle, with a strong resistance at $13.795 USD - Prices are making a buildup, sign of an upcoming strong resistance break up - Strong bearish rejection of candlesticks on the resistance (buyers are not able to get the price down) - Bullish Harami and Bullish Engulfing at the resistance - Relative Strength Index (RSI) is above the 50 level, sign of uptrend - 150 Exponential Moving Average act as a support
Fundamental news:
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Objective:
If the ascending triangle is confirmed, rice could goes up to the level of $14.500 USD (previous highest).
MAYBE HAVE TO WAIT A PULLBACK AS A CONFIRMATION OF THE ASCENDING TRIANGLE BECAUSE THE RICE MARKET CAN BE TRICKY AND UNPREDICTABLE. But good risk-to-reward ratio possible = 2.27
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Comment
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Pullback done? Let's see at the opening on Monday.
Trade closed: stop reached
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US rice went up to 14.00 USD, but sellers came back at this level. My stop loss has been reached but the uptrend is still there, bullish oblique resistance is still there, so it is not totally ended.