Leader of the wood industry $UFPI is giving bullish signs
UFP Industries, which makes lumber and other building products has 216 locations in eight countries making wood and wood-alternative products for retail, construction and industrial customers.
After making an ATH at $94 in January, has formed a good cup & handle pattern with a pivot buy above $88.10. The handle shows a good volatility contraction as it has low volume. This is a very good sign and could help the price to have an explosive move up. Also the MACD is been trending up since mid February.
In IBD,
UFPI
ranks No. 1 in its building-wood group, with a 89 Relative Strength rating. As you can see above the chart, while the
SPY
has been trending down while
UFPI
is making higher lows.
With lumber prices in an uptrend, this leader could give a really good bull run.
After making an ATH at $94 in January, has formed a good cup & handle pattern with a pivot buy above $88.10. The handle shows a good volatility contraction as it has low volume. This is a very good sign and could help the price to have an explosive move up. Also the MACD is been trending up since mid February.
In IBD,
UFPI
ranks No. 1 in its building-wood group, with a 89 Relative Strength rating. As you can see above the chart, while the
SPY
has been trending down while
UFPI
is making higher lows. With lumber prices in an uptrend, this leader could give a really good bull run.