^ Earlier this year, lumber prices showed signs of life as the market was knocking against 260 resistance after 6 months of building a base in late 2011. The breakout above 260 took place in February of 2012 and the market turned this old resistance into new support. Consolidation was seen holding above 260 as the market worked higher to complete its upside price objective of 311, retracing the prices to where they broke down in March of 2011 with highs of 324.7.
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