Last Thursday, Manitoba Ed and I discussed shorting Canola as it looked ready to breakdown.
The breakdown escalated quickly.
The past two days have been horrible for Canola which is now approximately 15% off its yearly high.
Is the selling over?
Or just starting?
Can we expect another opportunity to price higher?
On the 8th, I discussed the following:
I need the price above a rising 10- Week MA to become Bullish in the short-term.
While I am bullish above a rising 50 DMA, this is a no-trade zone for me until we see trend alignment across the Daily and Weekly charts.
Keep reading with a 7-day free trial
Subscribe to Klarenbach Grain Report to keep reading this post and get 7 days of free access to the full post archives.