LUMBER

In December 2012 we have seen Lumber price clearing the strong horizontal resistance at 330 levels. Breakout was followed by a sharp rise towards 400 levels in less than two months. Since March 2013, Lumber has been pulling back to the previously broken support/resistance area. Price should find support between 330 and 340 levels and rebound once again. The lower boundary of the last one year’s uptrend, 200 day moving average and horizontal trend line are all forming support between 330 and 340 levels.