Lumber futures (/LB) look to be headed back down to the 540 & 531.50 levels in the coming days to weeks as indicated on this 60-minute chart below.
LB 60-min April 23rd
Looking at the bigger picture via this daily chart of WOOD (Timber & Forestry Index ETF), the timber & forestry sector appears poised for at least a 14% correction off last week’s highs & a drop of as much as 22% in the coming weeks to months. I plan to zero in on some price targets for WOOD & will likely add it as an official trade idea as soon as today.
WOOD daily April 23rd