Technical Analysis: LFEX DataSalmon Miami FoB ‘D’Trim Index, 24th March 2023

David Nye - The London Fish Exchange

Published: 27th March 2023

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

  

The Miami FoB Index had a mild retracement in price this week. The Index is testing the green upsloping trend line which should act as support for prices.

If the Index can not hold the green upsloping trend line, there is green horizontal price support zones and a gold upsloping trend line that should offer support. You can see that the price does appear to be rolling over like rolling over the top of a mountain. The Composite Index appears to be heading towards the green down sloping trend line, the grey upsloping trend line and its slow-moving average. All three of these sources of support are just under the current Composite Index displacement. The Composite Index has used its current displacement as support and resistance in its past, increasing the odds that it could be used as support now. The RSI has moved under its fast-moving average.

The next logical place of support for the RSI is its slow-moving average or in the low 60’s displacement where the RSI has history of support and resistance. The RSI does have some history at this displacement. It was used as resistance bank in 2016 and 2017. Going back six or seven years might weaken the strength of this displacement’s reliability in the current market. Based on the Composite Index recent peak displacement, this pull back in the Index is most likely a pullback in a continuing bull market.

  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