Technical analysis: Will the rice quotes continue to correct?

Dmitry Lukashov IFC Markets

Rough rice technical analysis summary

Sell Stop։ Below 16,1.

Stop Loss: Above 17,4.

Indicator	Signal
RSI	Neutral
MACD	Neutral
MA(200)	Neutral
Fractals	Sell
Parabolic SAR Parabolic SAR	Sell
Bollinger Bands	Neutral

Rough rice chart analysis

On the daily timeframe, RICE: D1 has broken down the support line of the neutral range and the uptrend. A number of technical analysis indicators formed signals for further decline. We do not rule out a bearish movement if RICE: D1 falls below its most recent low of 16.1. This level can be used as an entry point. The initial risk limit is possible above the last 2 upper fractals, the upper Bollinger band and the Parabolic signal: 17.4. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal high. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making a trade can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (17.4) without activating the order (16.1), it is recommended to delete the order: there are internal changes in the market that were not taken into account.

Fundamental analysis of commodities - Rough rice

The United States Department of Agriculture (USDA) has increased its forecast for the global rice harvest. Will the RICE quotes continue to correct?

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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