Technical observations of RossClark@shaw.ca
[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.
CHARTWORKS - APRIL 30, 2008
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