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Greetings Traders.
Attached below please note the quick analysis of Sept Oats. It is by far
not extensive, yet I believe it tells a story.
Please note the high today was 158 1/2. L4 shows us a 158.99 for 7/16.
Since this is real close, less than 1/2, I'd venture to say that we may
have made our short term top. If shorting this market, and that would be
fine considering it is a bonifide down trend, I'd still be on the safe
side and place the stop above that L4 level.
Also notice the range value of 157 on the bottom there. Another
convergence I'd say. This is from the previous downward range of 5/9
down to 5/27. The Range calc shown below was taken from the the most
recent downward range. This as well provides us with pressure in this
157, 158 1/4 area.
So, here may be an opportunity for ya all. What do you think?
cheers!
:)
rick
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