Prime time for soybean meal?
Similar to our previous idea, we think grains are primed for a move. With soybean meal futures jumping over 10% from last week, some technical set-ups have come into play.
Firstly, the September soybean meal contract shows a 7-month head-and-shoulder pattern which failed. A broken right shoulder suggests bullish strength.
Secondly, the December soybean meal contract is showing a bull flag that is breaking out, which is also a bullish signal.
Combined, we believe soybean meal futures are primed for an upward move with both technical set-ups proving bullish.
Entry at 435, stops at 420. Targets at 468 & 490.
Firstly, the September soybean meal contract shows a 7-month head-and-shoulder pattern which failed. A broken right shoulder suggests bullish strength.
Secondly, the December soybean meal contract is showing a bull flag that is breaking out, which is also a bullish signal.
Combined, we believe soybean meal futures are primed for an upward move with both technical set-ups proving bullish.
Entry at 435, stops at 420. Targets at 468 & 490.
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