Rice Analysis: Rainy weather in India can damage crops

By IFCMarkets.com

Chart Analysis

On the daily timeframe, Rice: D1 exceeded the last 3 upper fractals and approached the upper border of the ascending channel. It must be broken upward before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish move if Rice rises above the 200-day moving average line and the upper Bollinger band: 12.9. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the lower Bollinger band and the last 3 lower fractals: 11.9. After opening a pending order, we move the stop loss to the next fractal low following the Bollinger and Parabolic signals. 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 set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (11.9) without activating the order (12.9), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.

Fundamental Analysis

Rainy weather in India can damage crops. Will Rice quotes grow ?

Market Analysis provided by IFCMarkets.com