Lumber double bottom?

[countryBoy641]

Maybe single zigzag ...

 

[maxinger]

Lumber

swing up swing down
zigzag kitkat
multi top multi bottom
multi peak multi valley etc

 

[schizo]

Maybe single zigzag ...

It's a DD but I ain't sure if it completely turned around. It crossed above the trendline today, but there's a resistance just above it that looks pretty formidable.

But the intraday action looks damn dismal. It looks like an atrocity. Be prepared for some big slippage.

 

[countryBoy641]

Of course If $LUMBER breaks out, the FED is going to freak out.
750 PHd economists in one building.
Like to be a fly on the wall if that happens.

 

[Handle123]

I am still short, check out monthlies looking bleak. I see no volume divergence. Recent action was signal to short more for me.

 

[countryBoy641]

RSI looks good on the weekly
big +D

 

[countryBoy641]

I am still short, check out monthlies looking bleak. I see no volume divergence. Recent action was signal to short more for me.

Yes, I know.
But $WTIC is looking to challenge, again.
Bad habit to think if economy slows, oil has to go down.
But what if it doesn't, maybe just because there isn't enough supply at these prices.
FED can print plenty of money, but they can't print any oil.

 

[Handle123]

I stopped using RSI and MACD, use to lose money in long trends. Study price action at ends of movement was better for me.

Market not going small breaks

 

[CannonTrading_Ilan]

Not sure this thin market is experiencing anything more than short covering at the moment but I have been wrong many times....

 

[murray t turtle]

Maybe single zigzag ...

View attachment 303542

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OK\its also made a double top on your chart also.

barchart.com has a 24% buy on it\ so its a 76% sell\all time frames.
I dont have an opinion on it.