Lumber peaked in mid-April, then fell over 40% in 60 days. Some say that was due to the ending of the first time buyers home program. No matter what the reason, on a price basis, lumber is breaking from a bullish ascending triangle.
For those open to trading futures on Lumber…Nice breakout is at hand. Would use the 220 level as a sell stop. After such a large decline, if Lumber would just reach its 50% Fibonacci retracment level, a decent gain will still take place.