Lumber Commodity Forecast

Lumber commodity price down 0.80% on Thursday
(Updated on May 09, 2024)

LBUSD Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Lumber commodity holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $503.29 and $541.51. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 01, 2024, and so far it has fallen -6.60%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this commodity may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Lumber commodity

There is no support from accumulated volume below today's level and given the right condition the commodity may perform very badly in the next couple of days.

This commodity has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the commodity moved $1.00 between high and low, or 0.202%. For the last week the commodity has had daily average volatility of 0.89%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (LBUSD) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Lumber to open at $495.17, and during the day (based on 14 day Average True Range), to move between $484.92 and $506.08, which gives a possible trading interval of +/-$10.58 (+/-2.14%) up or down from last closing price. If Lumber takes out the full calculated possible swing range there will be an estimated 4.27% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $514.50, some $19.00 (3.83%) from the current price of $495.50, our system finds the risk reward not very attractive.

Is Lumber commodity A Buy?

Lumber holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this commodity.

Current score: -1.296 Sell Candidate Unchanged

Predicted Opening Price for Lumber of Friday, May 10, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.