CME Oats has been losing ground for 7 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $340.25, the Oats future is up to $344 per bushel, which makes for a move of 1.1%/$3.75 today.
Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
This rally in Oats's price coincides with other Grains as Rough Rice ascends 0.57% to trade around $16.73. Soybeans goes up 0.44% to trade around $1,499.
The market is looking forward to the release of new data: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
The commodity has been trending positively for about a month. The Oats future has shed $445 points and is languishing 56.67% lower over the past year, leaving its yearly highs around $762 in the rear-view mirror.