It has been a tale of two stories for lumber prices.
Last year, Lumber rose five fold to over $1600. It was a tremendous rally, and one that to this day is probably pushing the inflation needle.
That said, lumber fell sharply in 2021 and may have reached a bottom here in September. The past several weeks have been constructive and helped to form a strong base consolidation pattern. And over the past week, “price” has reversed higher.
Lumber appears to have bottomed into one of our MOB band price targets. As well, we have a bullish Money Flow Unit (MFU) in place.
I am expecting a gradual advance from here into the initial price target at our Money Flow Unit (MFU-3) of $857.8.
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
