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CBOT Rice - Technical analysis


Contrary to what I had expected the rice chart has progressed higher even though the Gann angles were broken with low volumes and low momentum. The threat of severe retraction still exists in such cases, but we have to take into account the fundamental factors (and also the commodity behavior of extreme moves) when we make judgments. Fundamentally, the prices are finding support by countries trying to build a food-security reserve.

The prices are still working withing the rising regression channel. The Fibo extension gives us a target of $23. Calling the top was and is trickier, but we will watch the smaller time frame Gann angles for any first signs of breakdown. The commodities however remain in steady uptrend with Crude reaching close to its alltime highs.
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