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June 11, 2023
A quick look at Friday: Oats moves 0.21% to close at $364.5 per bushel Friday.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Oats price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Oats's upper Bollinger Band® is at $370.89, suggesting that a downward move may follow.
Notwithstanding the CME Oats future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
While CME Oats was pretty flat Friday, mixed performances were seen elsewhere as Soybeans went up by 1.3% Friday, and closed at $1,204.5. Rough Rice is trading around $15.45 after ending Friday's session at $15.38 (up 0.42% today).
The commodity has been trending positively for about a month. The CME Oats future hit a significant low of $302.75 around a month ago, but has since recovered 20.15%.
