HighGround Dairy Technical Commentary – September 4, 2013

CME Class III Milk Futures October Class III Milk broke out of Tuesday’s inside day trading range to the upside and posted a new three week high in the process. While the advance was able to overtake resistance at the 50 day moving average, as well as the August 19th swing high (18.34), it was unable to log a close above those levels. A close in the October contract above 18.40 is needed to turn the intermediate trend in favor of the bull camp. For now, the short term trend favors the bulls, while the intermediate trend favors the bears. Short-term support comes in at the uptrend channel line at 17.76.