Mean reversion in Lumber

Since May 10, 2021, the price of Lumber has fallen 42%.

The daily chart below shows the price falling past its 50 and 100 day moving averages and it seems to be on its way to the 200 dma, which is only 14% away.

I’ve been reminding readers about mean reversion especially following extreme parabolic upward moves as we have seen in Lumber, Hot Coil Rolled Steel, Corn, Soybeans, Bitcoin, Tesla etc etc