Rice Prices Lower 4th Day In A Row
Michael Seery of Seery Futures - InsideFutures.com - Thu Nov 14, 10:56AM CST

Rice Futures---Rice futures in the January contract is currently trading lower by 6 cents at 11.86 lower for the 4th consecutive session as prices topped out in my opinion. I have been recommending a bearish position over the last several weeks from the 11.82 level and if you took that trade continue to place the stop loss above the 10-day high standing at 12.10 as the chart structure is outstanding due to the low volatility that we are currently experiencing.

Rice prices are trading below their 20 and 100 day moving average with the next major level of support at the October 29th low of 11.73 and if that is broken I think we will fill the price gap that was created on August 26th at 11.50 in the coming days ahead so short & continue to place the proper stop loss.

At the current time this is my only grain recommendation as there are very few trends at the present time, however I do think the volatility will start to increase and if you did not take the original trade I'm still recommending it at today's price level as the risk is around $500 per contract plus slippage and commission.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

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