 CHARTWORKS - APRIL 30, 2008
Wild Rice - Fried Rice
Technical observations of RossClark@shaw.ca
Bob Hoye
Institutional Advisors
May 2, 2008
[Editor's
note: I've never followed rice futures so I had to research
what those numbers on the below chart represent. I believe that
it's the US$ price per hundredweight of rice. -Barb]
The 20-day moving average has
been violated for the first time since the rally started last
summer.
Open interest continued to
expand into the highs, signifying that it was not short-covering
that drove prices over $24, but continued buying interest.
The island top is an important
technical pattern, now trapping all buyers above $23 with losses.
- In January our call was for
commodities to rally to an important high in March-April
.
- Wheat did a similar blowout
and collapsed by 45%
.
- Rice is in the early stages
of an important failure
.
- Quite likely this cyclical
bull market in grains has been completed
###
-Bob Hoye
Institutional Advisors
email: bobhoye@institutionaladvisors.com
website: www.institutionaladvisors.com
CHARTWORKS - APRIL 30, 2008
Hoye Archives
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