Lumber futures continue out of the bullish pattern toward resistance
Since we identified the bottoming pattern in Lumber (NFTRH 674’s Commodities segment back in September) it has gone on to break out of the pattern, setting its sights on the SMA 200 (869) and associated lateral resistance (815). It will probably pull back as this extension upward is getting pretty peppy with RSI spiking a bit.
But rallies need to start somewhere and in this case that somewhere was the Inverted H&S pattern that formed after the post-pandemic crash. I have a list of associated stocks (mostly Forestry REITs) and currently hold one of them. Just part of an overall portfolio that is trying to make sense with the near, intermediate and even longer-term macro.
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