We have had an amazing commodity run for 2 years, fundamentals are pointing every which way for individual ag coms, as they often do at turning points In the group. BUT the charts are always objective (if your reading them right,) but thats why were here right?
Quarterly:
- Hovering at 15 year highs. Resistance? Time will tell.
Monthly:
- This most recent high is not significant as compared to its predecessor, Also has smaller candles indicating slowing momentum.
Weekly:
- Starting to chop sideways.
- Volume falling as price rises during the last 3 candles.
- Macd divergence from previous highs.
Daily:
- Sitting right at the top of the Keltner Channel for its timeframe.
Wait for trend change confirmation, at least on the daily, before entering.
Enjoy the ride.
Quarterly:
- Hovering at 15 year highs. Resistance? Time will tell.
Monthly:
- This most recent high is not significant as compared to its predecessor, Also has smaller candles indicating slowing momentum.
Weekly:
- Starting to chop sideways.
- Volume falling as price rises during the last 3 candles.
- Macd divergence from previous highs.
Daily:
- Sitting right at the top of the Keltner Channel for its timeframe.
Wait for trend change confirmation, at least on the daily, before entering.
Enjoy the ride.