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Trading Signals

Is the bullish run coming to an end? the Rough Rice future down to $17.59 (-0.17%)

02 May 2023

RRUSD

During a 4 day uptrend, CME Rice gained a total of 60.0001 cents, or 3.35%. Now turning against its recent performance, the Rough Rice future is down to $17.59 per cwt, after ending yesterday at $17.61. Overall, a 0.17% loss or 3 cents today.

Meanwhile, United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States ISM Manufacturing Prices (Apr) released yesterday at 14:00 UTC with a figure of 53.2, while the previous figure was 49.2. United States ISM Manufacturing Employment (Apr) came out at 50.2.

Technical analysis trend indicators suggest that investors are seeking long positions as Rough Rice price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that CME Rice's upper Bollinger Band® is at $17.65 which indicates a further downward move may follow.

Notwithstanding CME Rice's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Though the Rough Rice future has been dropping, other Grains have been performing better: Oats gained 1.31% and is currently trading at $308.75.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000, having previously been at -5 million. The figure will be published tomorrow at 14:30 UTC.

Furthermore, United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.

Having soared to a high of $18.49 approximately 2 months ago, Rough Rice is now trading 4.73% lower.

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