Rice Ready To Run?
Here is our current wave count and interpretation for the Rough Rice market.
We feel this market is poised to break to the upside.
- Just rallied above the previous significant high and past resistance (pink, dotted line)
- Momentum is building on the most recent high to levels above the previous high, confirming uptrend
- The ADX has moved above the 20 line from below indicating the market is starting to trend.
- Slope analysis is an added piece of evidence. Recent rallies have had steeper slopes than declines
- Outlook is on pause if prices go 10.60. With targets of 13.00 and potentially 14.00, purchasing here offers a good reward:risk ratio.
Bottom Line: Extend coverage on any 50% of any rice needs you have for 2019