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.
Rough rice is gearing up to make a move 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
