Lumber is Down for the 5th Day in a Row

The Hourly View for Lumber

  • At the time of this writing, LB1’s price is down $-6.5 (-0.56%) from the hour prior.
  • Lumber has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Lumber. Given that we see downtrend on the 20 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Lumber’s hourly price chart is shown below.

LB1

The Daily View for Lumber

  • Currently, LB1’s price is down $-9 (-0.77%) from the day prior.
  • Lumber has seen its price go down 5 out of the past 5 days, thus creating some compelling opportunities for bears.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Lumber. Given that we see downtrend on the 20, 10 and 5 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Lumber.

LB1