Supply and Demand levels for Soybeans / 60
Dark red = Fresh supply zone
Light red = Re-tested supply zone
Green = Fresh demand zone
Light Green = Re-tested demand zones
Short term analysis:
Price is moving in a bullish channel with price pulling back from Point of Control (VPS). Lower channel trendline is close to two fresh demand zones supported by high volume.
Bearish scenario:
Price pullback to demand zones and fails to continue breaking below the 10$ psychological level. This could result in a move down to 9.85$. Additional support is likely to be found at 9.783$, Daily chart pivot point.
Bullish scenario:
Buy orders are filled at the two fresh demand zones and price re-enter channel. Strong supply lies in the range of 10.24$- 10.60$. Past that level notable supply can be found between 10.339$ / 10.367$
Dark red = Fresh supply zone
Light red = Re-tested supply zone
Green = Fresh demand zone
Light Green = Re-tested demand zones
Short term analysis:
Price is moving in a bullish channel with price pulling back from Point of Control (VPS). Lower channel trendline is close to two fresh demand zones supported by high volume.
Bearish scenario:
Price pullback to demand zones and fails to continue breaking below the 10$ psychological level. This could result in a move down to 9.85$. Additional support is likely to be found at 9.783$, Daily chart pivot point.
Bullish scenario:
Buy orders are filled at the two fresh demand zones and price re-enter channel. Strong supply lies in the range of 10.24$- 10.60$. Past that level notable supply can be found between 10.339$ / 10.367$
Trade closed: target reached:
Captured the move from 10.221 to 9.850 and went long at the bullish engulfing candle at the daily pivot chart. Boom
