Interesting charts August 19th 2014
Palm Oil – extended the short-term downtrend to post a new reaction low. While increasingly oversold in the short term, a clear upward dynamic will be required to signal a return to demand dominance and pressure shorts.
Corn – posted an upside weekly key reversal last week following a steep decline. Additional upside follow through this week or next would improve potential that a reversionary rally back upwards the MA is underway.
Lumber – greater confidence in the homebuilding sector has contributed to recent strength in the lumber market. The rally two weeks ago broke the 9-month progression of lower rally highs and a sustained move below $325 would now be required to question medium-term recovery potential.
Brazil - extended its recovery today and a sustained move below the rising trend mean would be required to question medium-term recovery potential.
