2020.11.27 Canola Short-Term Top?
2020.11.27 Canola Short-Term Top?
Taking a look at the Canola chart, I wonder if a short-term top is in.
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Let’s break down the chart.
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The first chart is the Canola MAR 2021 Futures Weekly chart from Barchart.com.
******Click on the chart to expand******
I see an extended price that hit the .786 Fibonacci retracement levels from the 2013 high to the 2014 low.
Whenever the price is at this fib level, I take a long hard look.
Also, the price in the 1.272 fib extension level from the 2016 high to the 2019 low.
A confluence of Fibonacci levels gets my attention.
Is this a short-term top in Canola?
Is there one more push higher to the 161.8% Fib level at 633.05?
This is a good time to consider protecting the downside.