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Rice Price Bias Is Still Bearish
The #C-RICE price forecast in our July 17, 2020 technical analysis was bearish.
- Market data after #C-RICE,D1 July 17, 2020 technical analysis still indicate bearish bias.
- Global rice production in 2020/21 is forecast 1.5% higher from a year earlier, and the highest on record.
- On the upside risk side US 2019/20 rice import forecast was increased, export forecast lowered, and domestic and residual use forecast raised.
Here is what indicators show as of July 20, 2020:
- The Parabolic Indicator gives a bearish signal.
- The Donchian channel indicates no trend: it is flat.
- The MACD indicator gives a bullish signal.
- The RSI oscillator gives a neutral signal.
- The Fractals give bearish signal.
- The MA(200) Indicator gives a bearish signal.
So the bearish forecast still stands for the #C-RICE,D1.
Order | SELL |
Sell stop | Below 11.62 |
Stop loss | Above 12.28 |
USDA Rice Outlook July report
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