Oats, you sexy thing.
What is driving your price higher?
How much higher can you go?
The answer to the first question is simple.
There are more buyers than sellers.
That is all we need to know.
The second question is more difficult to answer.
We don’t know.
But,
The charts can provide clues.
Our July 26 analysis, when the price was 448’6, provided the following summary:
BULLISH on the Monthly, Weekly and Daily timeframes
Anticipate a pullback to the 410ish level
The price did pull back to 419 before continuing higher, demonstrating the power of trends.
Today’s DEC Oat price is currently trading at 498’2.
Why is this level significant?
Because it is approaching 503, the top of our range of possible resistance.
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.