On July 26, we alerted readers of the following:
Notice how the price is below the daily moving averages and recently broke the trendline.
This price action suggests a continuation of the downtrend in Canola Basis.
On July 26, the Canola index price was trading at 17.87 per bushel.
Today, our Canola index price closed at 16.60.
A significant drop.
The analysis can be found here:
Our Bearish Scenario Trade Idea of selling below 830 and Taking-Profits at 791 worked out well.
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