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Rice Price Bias Is Still Bearish

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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.
  1. Global rice production in 2020/21 is forecast 1.5% higher from a year earlier, and the highest on record.
  2. 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.

Sell stopBelow 11.62
Stop lossAbove 12.28

USDA Rice Outlook July report

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