After a good impulse, Soybean has retracement the 0.618 fibonacci levels and now I expect to continue its travel to 1,325 aerea. Risk-Reward are very attractive.
Good luck
A test and rejection of initiated resistance is in process on the daily time frame (current chart pic), but has been completed on the 8-hour (my entry chart for this position). I'm only looking for a move down to the most recent swing low, which is about a 3R profit potential.
NFA - Charting to begin testing a theory.
Red to Red// 38% fib zone to -27% reversed Fib.
++M's and W's holding strong s/r zones
+curved TL
+macro outlook on soybased food
//commodities v USD
Trend Analysis
The main view of this trade idea is on the 4-Hour Chart. The commodity soybean oil (SOYUSD) is in a descending triangle setup pattern. The resistance line is seen with lower highs on 7200 and 6495 respectively. The support line is observed around 5450. A breakdown in support will take SOYUSD towards 3755. A negation of this pattern will be seen if...
Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. Soybean Oil (SOYUSD) hit some resistance around the 6315 price level and declined towards 5845 where the commodity found support. SOYUSD is rallying to re test 6315 resistance. Expectations are for the commodity to breakout higher and target 6700. Failure of this move would occur if SOYUSD...
comments on the chart. Please note a proper technical double top pattern is only confirmed when the 4100 area is broken to the downside. But we are speculators and if you, like me, have another reason to test this then go for it otherwise wait for the break
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.
With all the hype about volatile cryptos, sky rocketing indices and fluctuating currencies, the world has forgotten about something that feeds us all.
Certainly, when there is no shortage, why to bother, right? Human nature... A lot of people like fried food, well guess where some of that oil comes from?
From the fundamental side, if inflation starts hitting...
Nice Accumulation, price and time, checked.
Awfully expensive, checked.
Plenty of room to keep falling, checked.
Gapping up quite often, checked.
Definitely not on my plans to trade.
I was inspired by a friend who was asking me about the soybean. I don't trade this commodity but it was worth looking at now.
See how the price reacted nicely to the Bullish Bat at around 9.17, and now I see a potential Bearish Bat to short at around 10.23
It just goes to show that as long as the financial instrument is liquid enough, there will be Harmonic...
