Hi there. Price is forming a continuation pattern to the upside. Wait for the price to hit the bottom of the pattern and watch strong price action for buy.
This week price closed with strong bearish momentum after hitting the reversal zone. With production estimated up, and uncertainty with China trade, the bearish momentum may push further to 854 - 820 level in coming weeks. Looking to complete the downward range to -27.2% level of the weekly Fibonacci retracement range.
According to Larry Williams if we make a higher low we can be buyers here - targets are 330-335
Soybeans (ZS1!) are consolidating (Highs/Lows = 0) near the 1D Rectangle's support (810 - 910). Based on this sideways pattern since late June, the price should now approach the 910 Resistance. We are long, TP = 900.
Soybean Meal (ZM1!) made a Lower High on the 1W Channel Down (RSI = 39.076, MAC = -8.620, Highs/Lows = -5.800, B/BP = -25.7200) and should now reverse lower towards a new Lower Low. The first short target is 293.80 as the Lower Low extension since the last bottoms supports there. If crossed, we will continue shorting, TP = 275.20.
Both TP = 30.14 and 29.44 hit as the previous bearish Channel aggressively broke earlier and met the targets much earlier than I expected. Soybean Oil has now entered a new Channel Down on 1D, which is coming off a Lower High (hence Highs/Lows = 0, RSI = 51.334). We now need to wait for confirmation from the two break-out points (illustrated by the circles). If...
Soybean Meal is trading sideways inside a 1D Rectangle (325 - 341) since late June (RSI = 46.257, CCI = -35.7793, Highs/Lows = 0.0000, Ultimate Oscillator = 49.818). Our optimal strategy involves scalping within 326.60 - 338.10.
Buyer and big boy will coming to Swing Long in this level
Nothing too complicated here. The price is on a 1W Channel Down with a soft Resistance (Lower High on the 1D Channel Down) at 31.04 after having made a Lower High (hard resistance) at 32.04. Our medium term targets are 30.14 and 29.44.
SOYBEAN Buy Idea @Weekly Demand Zone (984.0 - 967.6) Buy Limit: 984.5 Stop Loss: 967.0 Take Profit: 1035.0
SOYBEAN FUTURES Buy idea @Demand ZOne 995.4 - 967.6 Buy Limit: 995.4 Stop Loss: 967.6 Take Profit: 1037
Short ZS Soybean on 1037 stop on 10.75
SOYBEAN MEAL (ZM) 396 SHORT, STOP on (412)
SOYUSD overall in uptrend, looks bullish, waiting for retracement to the marked area and when it gets there pick up some longs as bulls come into the market. SL ideally below swing low. It bounced off 10.7/10.8 tops previously so do not be too gready with targets rather bank sth than end up with a loss.
November Soybean is following an uptrend. Although today was bearish and probably the next two days next week, we should see another round of buying. Soybeans got hit on the USDA report so not too sure how high this will go. This may be a simple three drives pattern and double top rejection. R1 becomes resistance. Trendline becomes support. Next downside target is...
$SOYBEAN testing support for new upleg
Overall, market is down but could be in final stages of down trend from 2012 highs Monthly Chart In the March/April time frame, the DMI changed to where the -DI is dominant. The ADX continues to trend down signaling whichever dominant trend is not that strong. Current targeted support is 8.910. Though, there is an area in the +/-8.000 range that has provided...