A.) Prices consolidated in a triangle pattern from roughly mid-October to mid-November.
B.) Prices moved out of this price range by gapping higher and printing a very strong candle. Also notice the volume surge that took place.
Also note that prices are still above the long-term trend line. Finally, we still have a very bullish EMA orientation -- the shorter EMAs are above the longer EMAs, all the EMAs are moving higher and prices are above all the EMAs.
A.) Like copper, agricultural commodities formed a triangle consolidation pattern from roughly mid-October to mid-November.
B.) Price broke out of this pattern yesterday by printing a strong bar on high volume.
The EMA picture is a bit more muddled. Prices have been coalescing around the 200 day EMA and the shorter EMAs are below the 200 day EMA. In addition, notice the EMAs are in a tight range. Ideally in a bull market we'd like to see a more bullish orientation for the EMAs.
