May lumber futures prices today review 2 march 2011

May lumber futures prices today review 2 march 2011 : May lumber futures closed up $0.80 at $309.20 yesterday. Prices closed near the session high. Bears have the solid near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart.

Look for more volatile and choppy trading in the near term. The next downside technical breakout objective for the lumber bears is pushing and closing prices below major psychological support at $300.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $320.00. First resistance is seen at $310.50 and then at $312.50. First support is seen at yesterday's low of $305.50 and then at this week's low of $304.00. For the latest updates PRESS CTR + D or visit Stock Market news Today

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