Lumber ready for a new upside swing
The Monthly Lumber chart is showing that the instrument has dropped below Andrew’s Pitchfork long-term upside channel median line 799 and a break above this level is now required for the upside continuation again. A break below 500 on the other side would lead to a second channel half-line 380.
On a Daily chart, we can see a new uptrend Pitchfork channel formed and the instrument is bouncing off the uptrend support line 625. Look for the long trade entries with the stop loss below 540 to target 850 and higher in the case of a breakout above this level. If you will be stopped out, look to reverse to a short trade entry.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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