Lumber futures have hit the resistance area near the SMA 200
The bottom pattern in Lumber has spurred a rally to resistance. Said pattern measures to around 835, with the price currently at 814. I saw a MSFM article noting that home builders are revved up about their prospects and I guess this is related.
A target does not need to be a stop sign, but if the rally were to end or at least take a breather, it’s near a logical point for that. I hold a couple of related positions in Forestry REITs so I’ll be interested in what’s directly ahead for Lumber prices.
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