Full steam ahead for CME Rice as 4 days uptrend continues

The sentiment that generated 97.5 cents in cumulative gains over the past 4 days was further evident for CME Rough Rice. As the session continues, it seems to maintain one direction — after closing the previous trading day at $17.27, CME Rough Rice is up to $17.36 per cwt, which makes for a move of 0.52%/9 cents today.

CME Rice is currently trading at $17.36 following the release of Building Permits (Feb) data from the United States.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.

Overall, looking at the technical analysis landscape, it seems CME Rice might continue pointing upwards in the short term.

A month ago CME Rice reached a significant high of $18.49 but has consequently lost 6.6% since then.