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ChartWorks: Wild Rice -- Fried Rice

Technical observations of RossClark@shaw.ca

The 20-day moving average has been violated for the first time since the rally started last summer.

Open interest continued to expand into the highs, signifying that it was not short-covering that drove prices over $24, but continued buying interest.

The island top is an important technical pattern, now trapping all buyers above $23 with losses.

  • In January our call was for commodities to rally to an important high in March-April.
  • Wheat did a similar blowout and collapsed by 45%.
  • Rice is in the early stages of an important failure.
  • Quite likely this cyclical bull market in grains has been completed.

 

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