fb#C-RICE Price Forecast | USDA expects increased global demand for rice | IFCM Hong Kong

Technical Analysis #C-RICE : 2021-03-03

Recommendation for Rough Rice:

Strong SellSellNeutralBuyStrong Buy

Above 13.2

Buy Stop

Below 12.67

Stop Loss

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Senior Analytical Expert
Articles 1706
RSI Neutral
MA(200) Buy
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

Chart Analysis

IFC Markets Tech Analysis

On the daily timeframe, Rice: D1 broke up the resistance line of the short-term triangle. A number of technical analysis indicators formed signals for further growth. We do not exclude a bullish movement if Rice: D1 rises above its last upper fractal: 13.2. This level can be used as an entry point. We can place a stop loss below the Parabolic signal, the lower Bollinger band, the last lower fractal and the 200-day moving average line: 12.67. After opening a pending order, we can move the stop loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and place a stop loss, moving it in the direction of the bias. If the price meets the stop loss (12.67) without activating the order (13.2), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.

Fundamental Analysis

The USDA stated that global rice production declined in the 2019/2020 season. Will the Rice quotes rise?

According to the USDA, global rice production contracted by 1 million tons in 2019/2020 compared to 2018/2019, amounting to 496.3 million tons. At the same time, world consumption increased by 10.3 million tons, making up 495 million tons. Global rice consumption will increase to 500.4 million tons in the 2020/2021 season, according to USDA forecasts. It must be offset by an increased global harvest. Rice quotes are highly influenced by weather conditions.

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