Technical Analysis: LFEX DataSalmon Miami FoB ‘D’Trim Index, 9th June 2023

David Nye - The London Fish Exchange

Published: 12th June 2023

This Article was Written by: David Nye - The London Fish Exchange

  

The Miami FoB Index closed the week at $6.14. The Miami FoB Index broke below the $6.23 horizontal support zone and below the gold upsloping trendline.

The next horizontal support zone is at $5.88 along with a black upsloping trendline that could offer support. There is also a price moving average near $5.88 that can offer additional support. Since early March of 2023, the Miami FoB Index has been making lower lows and lower highs. The high is March of 2023 was a lower high vs the high from May of 2022. It will be interesting to see what the Miami FoB Index does when/if it tests the $5.88 support zone. Will the Miami FoB Index make a lower or higher low?

The Composite Index has rallied up to its fast-moving average that should offer resistance. The Composite Index does have some history at its current displacement. The moving averages on the Composite Index have a negative displacement and the Composite Index could be rallying to test the negative crossover. The RSI displacement didn’t change during the last week. There are some bullish items to consider in the chart. For example, the Composite Index and the RSI are both near the lower end of their historical displacements. The spread between the fast- and slow-moving averages on the Composite Index appear to be stretched far apart, meaning the spread between the moving averages can start to converge. The divergence between the Composite Index and the RSI is still present in the very short term and since December of 2022 and is a bullish development.

  About This Analysis

About David Nye

David is a Senior Vice President in investment advisory with over 30 years of experience.

Based in Minnesota, USA he has a long history in technical analysis across a range of markets. David brings his experience to provide an independent insight into potential salmon pricing based on LFEX and DataSalmon data.

What is Technical Analysis?

Technical Analysis is used to try and identify price trends in the future. Analysts believe that by using factual past information (trading activity and price changes) it is possible to identify future price movement trends and is quite prevalent in commodity and forex markets but can be applied to any product.

Technical Analysis has been developing for over a century, and there are now hundreds of patterns and signals that have been created. They are often used in conjunction with other forms of research and analysis to help formulate, or support pricing trend opinions.

Purpose of the Analysis?

To provide an independent data-driven view of market pricing trends in the short and medium-term. As a potential tool, for users to access future pricing trends based on LFEX/DataSalmon derived market data.

How Does it Work?

On a regular basis (weekly), David will provide his independent analysis of LFEX and DataSalmon pricing data. The output will be to provide pricing trends based on the most up to date pricing received.

The analysis will show the expected trends and potential (price) levels, as well as other markers – for example, higher or lower price triggers that would affect the analysis of the trend – and what this might mean. It is data-driven, and will not, and does not, account for any other fundamental analysis, or weather or biological events for example. This is the same for any commodity product technical analysis.

Disclaimer

All information provided contains no guarantee whatsoever, especially of completeness, accuracy, timeliness or of the results obtained from the use of this information, and is provided without warranty of any kind, expressly or implied. In no event will, LFEX Ltd or DataSalmon, its member firms, or the partners, directors, officers, owners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information or for any consequential, special or similar damages, even if advised of the possibility of such damages. In no event and under no legal or equitable theory, whether in tort, contract, strict liability or otherwise, shall LFEX Ltd or DataSalmon be liable for any direct, indirect, special, incidental or consequential damages arising out of any use of the information contained herein, including, without limitation, damages for lost profits, loss of goodwill, loss of data, work stoppage, the accuracy of results, or computer failure or malfunction