Will Lumber Futures Shore Up the Stock Market Rally?Traders: Track a September contract breakout above 494.5. A decisive close above that level sets a rough target of 600 (shelf of former highs from last year).
I’ll pass since I don’t trade lumber. (I like the bullish divergence forming on the 14-day RSI, though.)
Whether you trade the futures cont
Is lumber Spiking?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 and Cotton profit taking on the short positionsJust 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
1D: IOTXUSD vs LUMBER.... Got Wood????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 th
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Displays a symbol's price movements over previous years to identify recurring trends.