Lumber crash suggesting housing starting to roll over⤵️
Existing home sales falling⤵️
US 30 Year fixed mortgage rates going back making house loans expensive ⤴️
I feel like lumber could pull back or go sideways here as we keep failing to break out. If it goes as described we will see a breakout this summer. Speculative at best, not financial advice, DYOR.
I have been watching lumber for sometime, I have been expecting this gap to fill. What happens from there I do not know. A possible accumulation range could form. There might be some scalp money here for someone short term. Not financial advice. DYOR.
We have multiple reasons to believe that lumber futures are being accumulated heavily here in 2023, with a very large spike in volume. And if you look at volume profile, you will see that a lot of transactions are happening at this price.
I have also confirmed with a local lumber supplier here in the PNW USA that the market for lumber and housing is indeed more...
