Lower Open than previous close – check
High Close than previous open – check
Made a new low first – check
Any concerns – I’d rather seen a key reversal on a “no news” day than on a Bullish news day, but it can still work. Volume was good.
Look for a challenge of 475 if not even 490 on the July which is now our high volume Future. Could spell $10 local bids. At 80% sold, worth getting a little greedy here but note that we did receive rain this week in what were our driest areas of the prairies. A little shine off an otherwise Bullish weather case.
Charts courtesy of www.commoditycharts.com
