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March 24, 2023
4 days and $1.26 of gains were not enough. This session seems to remain in the same lane for now — after closing the previous trading day at $17.56, CME Rice is up to $17.84 per cwt, which makes for a move of 1.59%/28 cents today.
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. On the other hand, note that CME Rice's upper Bollinger Band® is at $18, this is a slight indication of a slowdown.
According to technical analysis, it looks as if the Rough Rice future likely to continue pointing upward in the short term.
This rally in Rough Rice's price coincides with other Grains as Corn gained 2.02% and is now trading at $644.5. Oats is up 1.94%.
