As above.
Falling wedge breakout with good volume. Bullish divergence on the MACD as well on 1D chart.
Target very possible mid $700 if up trend continues.
Will follow.
Good Luck traders.
This Lumber Weekly chart clearly shows the unique parallell range that confirmed a breakdown.
Now to determine what likely happens next we wait to see if we get a close above or below the weekly key channel Resistance line.
If rates remain soft we will likely get a continuation move to the upside.
:Lumber up to and selling off the 76 fib. Currently bear market continuation 101.
Usually see these breaks head to a 220 extension of the rally if they come. Downside target of 240 in lumber.
As above.
Inch by inch we are seeing lumber prices tank.
We have sawed off nearly 50% from the ATH of $1400.
Broke through the $770 target trend line and looks headed for next support at $650 to $670 range at the 0.786 Fib retracement level.
Just looking at the future prices of cotton on the barchart page
December 20% lower than july futures
Why is everyone trading chart patterns? Simply looking into the backwardation curve gives you a good clue to buy or sell.
Will keep you updated before another move DOWN in the commodities
Hey Traders 👋
As i search for a way to share my next trade I stumbled onto lumber (cash) and look at what just showed up a few weeks back my fellow speculators......... I'll leave it on the chart, allow you guys to do some researching and searching, (RE indicators) 😉
I must use this chart as I can't share my personal chart LBS1! but it is really the...
As above.
Interesting inverse correlation of LUMBER prices with IOTXUSD....
When LUMBER prices drop to local low/bottom, IOTX seems to spike shortly after that.
Maximum bull run on IOTX happens soon after the crossover as LUMBER price action is on a major downswing and IOTX price action is on the up swing. Looks like this scenario might be playing out right...
