I recently discovered the joys of trading soy.
was deleting old TA and appreciating it. I decided to share this since its been awhile.
Grey = weekly
Red = Daily
Orange = 4hr
Yellow = 1hr.
Jumping straight into the technicals, we see a head and shoulder pattern on the daily Soybean Oil chart. With the neckline now broken, it seems a bearish set-up might be possible.
While the technicals are important, understanding where the current price level of soybean oil is in context to other products could help us build further conviction on this idea....
SBO making a downtrend movement since Nov 2022.
Based on EW rules.. price now should make Wave 5.
Target to nearest support + Fibo extension 0.618.
Another 2.8% movement.
If we use this data for FCPO, there will be another around 100tick price to go down.
The forth wave correction looks more like triangle or flat. lets wait and absorb the C wave pattern.
Im more look to watch the price can hit 48.00 area.
Title: Soybean Oil Futures ( ZL1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 64.60
Pivot: 61.66
Support: 59.90
Preferred case: Looking at the H4 chart, my overall bias for ZL1!is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. Expecting price to retest the pivot at 61.66, where the overlap...
Title: Soybean Oil Futures ( ZL1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 64.60
Pivot: 61.66
Support: 59.90
Preferred case: Looking at the H4 chart, my overall bias for ZL1!is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. Expecting price to retest the pivot at 61.66, where the overlap...
ZL price hit the daily support level and didn't bounce up like the last several times, a confirmation for this top structure. Filled a short order yesterday.
ZL has a Head-Shoulders pattern after a long Uptrend.
a break through the nickel is a signal of entering short with a 1/4 risk-reward ratio.
Let's see if the market will confirm my analysis.
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 65.75, which will be followed by moving up to resistance level 67.80 and if it keeps on moving up above that level, we may expect the market to reach resistance level 70.55.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 63.50,...
SBO bull run started April '20 till April '22 surpassing 208 high achieving 253% phenomenal rise displaying a 5 wave structure and now appearing to complete the wave sequence wave c . The bearish flag increases the probability .
Refer to your personal preferred indictors to assess market action.
Bearish Indication of SOYANEAN OIL.
As the big players are in profit-taking mode after the uptrend, the price continues to fall.
Besides, the demand side of soyabean is at uncertain as one of the leading consumers, china is dealing with covid-19 pandemic again.
only a few commodities are currently on my long trade list
www.tradingview.com
Today an entry on the 12 min chart was also possible, but like last week the better entry will be near the 18 SMA for a longer term play...
I don't know anything about Soybean Oil, but I watch the price that shows everything I need to know.
This is quite a long term one since it's the weekly, but it's so beautiful! Although the primary trend is still long, market participants printed a nice impulse wave on the way down. This last couple of slow waves make up a correction of the impulse wave while...
Hello to all investors, according to my previous studies and according to my experience as a trader, I see a good investment opportunity with a high probability of success, the details are reflected in the graph
A much safer way to trade Trendcontinuation is to enter long at a double bottom rather than wait for another breakout above prior day high.
As long as 18 moving average is point up the long trend does not stop :-)
7. 19. 22 Euro futures 6E1! Dxy Wheat ZW1! Soybean oil ZL1! This is a quick review of a few tradable futures markets. I show what attracts me to look at a market, and sometimes that requires that I use much larger time frames. I used to Euro futures as an example of longer-term trading and give some possibilities for Traders who don't want to DayTrade as...
