Lumber (JAN)
From a recent low in Lumber of $450 per thousand board feet, prices lately climbed above $800 per thousand board feet.
Pandemic has sent lumber prices soaring, causing home construction costs to rise amid strong demand.
Looking at our technical model Lumber is near a projected high.
While no indication for weakness yet, we do think that the upside from current levels is limited.
A close below 792 is a first indication that Lumber reached a high.
That would be a good entry level to short Lumber with a tight buy stop.
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Lumber Dec 16 2020
