Irish Weather Technical Foracst

Due the recent downturn in the Irish weather we have compiled the below chart to see exactly what is going on over the last two months in terms of Irish weather. In the below chart we can see the actual precipitation highlighted by the (Green) line and the 5 year average precipitation seen by the (Blue) line. We saw the massive spike up in January as significant rainfall fell across the country. Analysts have stated that this was a short squeeze as the majority of the market were in fact short 'Irish rainfall'. The rainfall was met with warmer and drier conditions around the .65 level and the rainfall retraced back to its normalised levels over the following few days.
Towards the end of January we saw the rainfall consolidating in normalised ranges, with resistance seen by drier spells at the 23.6% retracement from the January high, and the white resistance line overhead. The rainfall spiked a few times during the period however we were unable to get a daily close of rainfall above these levels.
Looking forward, we have seen some increased rainfall over the last 48 hours and last night we got our first daily close (Continued rainfall throughout the course of the day and night) last night. Analysts predict this rainfall to continue characterised by the (Green dotted line), it will be interesting to see if we can break about the 38.2% retracement of the January high. However there is notable drier weather above these levels so levels above here should be seen as genuine selling opportunities with stops positioned above .40 inches.

Happy Trading
@lowKeyCapital