While in the midst of a 13 day downtrend, 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 $332, Oats is up to $334 per bushel, which makes for a move of 0.6%/$2 today.
Oats's lower Bollinger Band® is at $322.08, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts CME Oats to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Oats future is expected to pick up significant bullish sentiment in the coming days.
At the same time, Rough Rice closed at $16.86 (down 2.29%).
Other Grains are showing mixed performance as Soybeans moves 0.29% to trade around $1,471.5.
Also worthy of note, United States Building Permits (Mar) is expected tomorrow at 12:30 UTC.
The CME Oats future is now trading 55.21% below the significant high of $741.25 it set around 11 months ago.