By IFCMarkets
Technical setup bearish for oats price
Oats price is retracing lower after rebounding to 6-month high three weeks ago. Prices rebounded over 28 percent after agricultural commodity prices fell following the advent of coronavirus outbreak. A bearish setup has developed currently. At the same time, Canada’s department of Agriculture and Agri-Food estimate of domestic oats ending stocks was lowered by 100,000 tons to one million tons, according to the Outlook for Principal Field Crops report. Canada is the top world exporter of oats. Lower supply estimates are an upside risk for oats price. However the report stated “abundant global supplies” as a bearish factor for oats prices.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Neutral | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell | |
| Fibonacci | Neutral |
| Order | Sell |
| Buy stop | Below 283 |
| Stop loss | Above 296.5 |
Market Analysis provided by IFCMarkets