Critical juncture for Lumber. After two failed attempt to break its longer term downtrend, Lumber is back knocking on the uptrend of its fledgling 2009 rally.
Oops! Not looking good for lumber here. Taking a closer look it appears 178 will be tough resistance to break thru. A short would put a stop in at 182 while looking for a target of 150 setting up a longer term double bottom. Appears lumber traders think new home starts won't pick up until Spring 2010. They're probably correct on that count.
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