The weekly agricultural price chart is still very bullish. The MACD is rising and has some room to run as does the RSI. Prices have advanced above the 50 day SMA and continue to move higher. The 10 and 20 day SMA are moving higher with the 10 above the 20.
The daily chart is also very bullish. Notice that prices are above all the SMA, the shorter SMAs are above the longer SMAs and all the SMAs are moving higher. The MACD is sill rising, although it may be approaching topped out territory for now. Also note the RSI is at technically oversold readings, the RSIs can stay pegged at these levels for some time.
Industrial prices are continuing their move higher. After rising from a consolidation pattern they formed another triangle consolidation pattern over the last few weeks but have since moved higher through that. Note the MACD and RSI are still rising. Finally, the 10 and 20 week SMAs are moving higher and the 10 day SMA is above the 20 day. Prices are using them for technical support.
On the daily chart notice the prices started moving higher at the end of February. This chart better shows the consolidation that took place from mid-April until just recently. However, prices have advanced through upside resistance on a big gap higher.
