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US lumber prices expected to rise another 35% after record highs
Lumber prices topped $1,000 last week, a record high and a promising sign of a rebound in demand for building materials as the economy recovers from the coronavirus pandemic. Craig Johnson, chief market technician at Piper Sandler, said the charts forecast even more upside ahead. “Stay seated, but it looks like you could have 30-35% more upside, based upon the size and technical breadth of this technical setup here for lumber prices. There’s no doubt that lumber prices are going higher,” Johnson told CNBC’s “Trading Nation” on Friday. Johnson said three homebuilder companies reporting earnings this week could benefit from increased demand for lumber – Home Depot, Lowe’s and Toll Brothers. “If you look at Home Depot as an example, this is a stock that’s been in a downward trending price channel, and it’s very close to inflecting and reversing that... Continue reading
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February 23, 2021
US lumber prices expected to rise another 35% after record highs
Lumber prices topped $1,000 last week, a record high and a promising sign of a rebound in demand for building materials as the economy recovers from the coronavirus pandemic. Craig Johnson, chief market technician at Piper Sandler, said the charts forecast even more upside ahead. “Stay seated, but it looks like you could have 30-35% more upside, based upon the size and technical breadth of this technical setup here for lumber prices. There’s no doubt that lumber prices are going higher,” Johnson told CNBC’s “Trading Nation” on Friday. Johnson said three homebuilder companies reporting earnings this week could benefit from increased demand for lumber – Home Depot, Lowe’s and Toll Brothers. “If you look at Home Depot as an example, this is a stock that’s been in a downward trending price channel, and it’s very close to inflecting and reversing that... Continue reading
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US lumber prices expected to rise another 35% after record highs
Lumber prices topped $1,000 last week, a record high and a promising sign of a rebound in demand for building materials as the economy recovers from the coronavirus pandemic. Craig Johnson, chief market technician at Piper Sandler, said the charts forecast even more upside ahead. “Stay seated, but it looks like you could have 30-35% more upside, based upon the size and technical breadth of this technical setup here for lumber prices. There’s no doubt that lumber prices are going higher,” Johnson told CNBC’s “Trading Nation” on Friday. Johnson said three homebuilder companies reporting earnings this week could benefit from increased demand for lumber – Home Depot, Lowe’s and Toll Brothers. “If you look at Home Depot as an example, this is a stock that’s been in a downward trending price channel, and it’s very close to inflecting and reversing that... Continue reading