long-term upward trendI am hoping for an upcoming bearish trend break.
You can start buying soybean oil at the current price 46.00 And buy limit at price 44.00.
If the D1 bottom zone 42.00 is broken, cut loss and close the order immediately.
ZLQ2024 trade ideas
Is Soybean Oil Heating Up? Of the grains and oilseeds, soybean oil has been the clear laggard. Corn, wheat, soybeans, and even soybean meal have seen notable rallies over the course of the last 4-6 weeks. However, there are indications that may soon change. As ingredient buyers know, soybean oil typically trades at a significant premium to its rival palm oil. The chart below overlays a 5-year continuous chart of front month soybean oil futures prices along with a 5-year continuous chart of Malaysian palm oil futures. As displayed by the chart, in each instance over the past 5 years in which SBO’s premium has eroded relative to palm oil, we’ve seen soybean oil prices rally in excess of 15%.
Fund Positioning :
Extreme fund positioning is typically viewed as a contrary indicator. As such, managed money funds holding their largest net-short position in soybean oil futures of any point in the last 5-years adds to the bullish case in the immediate term. Per the last CFTC Commitment of Traders report, managed money was holding a net-short position of 58,748 contracts. In the instance that prices grind higher, short-covering on behalf of managed money could accelerate a move to the upside.
Technicals :
Lastly, the technical landscape of soybean oil also looks constructive. There is significant bullish divergence between the two most recent lows, and a standard 14-day RSI. In other words, the most recent successive lows came on less conviction. A break and close above the most recent swing high of 50 should lay the groundwork for a test of the swing-highs observed last July between 64 and 66.
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ZL1! looking strong in lower 40'sLooks like volume is picking up in the lower 40's range on soybean oil. The summer months could also bring heavy volume and we could see buyers take control. I could see it hit the top of my trend line before coming back down in the colder months. Just an idea and would love to see thoughts
ZL downtrendstill in downtrend mode find short or swing short. Break every support just find nearest resistance to find EP and if break structure hold for swing 1: 5 risk management
CBOT soybeans set one-month low under pressure from firm dollarChicago Board of Trade soybean futures ended weaker on Tuesday after touching a one-month low as strength in the dollar weighed on grain markets.
CBOT May soybeans SK24 settled down 13-1/4 cents at $11.45 per
bushel and hit their lowest price since March 6.
CBOT May soymeal SMK24 ended down $3.20 at $335.30 per short
ton, and May soyoil BOK24 dropped 0.56 cent to finish at 44.91 cents per pound.
The United States continues to face competition for global soybean export sales from cheaper Brazilian supplies.
SoyBean Oil @ $44.70In this video, we look at the Soybean market CBOT:ZL1! which is a commodity.
Now if you have been reading or watching my videos.
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One thing you will notice is that i like the commodities market.
Even though most of the time i talk about the stock market
i really have a passion for the commodity
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market because it reflects the everyday prices of goods such as food
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In this video, we look at the soybean oil market
notice that it's in a reversal?
Have you seen the candle stick pattern that shows you momentum and reverse?
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Watch this video to learn more.
Thank you.
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Disclaimer: This is not financial advice please do your own research before you trade. You will lose money trading take this as a warning.
Sell march bean oil 47.96, stop 49.76Sell march bean oil 47.96, stop 49.76
Based on Cannon Algo support/resistance breakout
SOYBEAN ZL in 30 minHello to all tradingview investors, according to my previous analysis, I see a great sales opportunity with good probability, the details are reflected in the graph, greetings and good luck to all
sell Jan bean oil market, stop at: 53.72, tgt at 49.23sell Jan bean oil market, stop at: 53.72, tgt at 49.23
Sell dec bean oil 48.60 on stopSell dec bean oil 48.60 on stop
It is a pending order. Trade confirmed.
Bean Oil I like buying Soybean Oil here around 49.90 July Contract. 48.86 December.
1. Big correction through harvest season.
2. Seasonally bottoms late nov- December
3. La Nina to El Nino--- no good for growing conditions.
www.usda.gov
4. Chart pattern I like.
a Pullback Rally or Continue Its Decline without correction?As we can see, soybean oil closed at the level of 49.17 and has made a lower low compared to the previous low.
So, my expectation is that the price will continue its downward trend until it reaches the daily support level around 47.50 .
However,
Before this decline occurs, I anticipate a pullback in price, possibly rising to the price zone of 50.91 or even reaching 51.00 before experiencing a decline to the 47.50 level, as mentioned earlier.
In any case, you need to ensure proper risk management and consider micro and macroeconomic fundamentals when participating in this market movement.
Will soy reach a price of 53.49?As you can see, this increase is temporary in nature because the overall trend is still in a downtrend. So, my expectation for now is that soy prices will climb until they reach the daily resistance zone around 53.50 (as indicated by the red box drawn).
It is anticipated that the price will experience a decline upon reaching this level because this zone can be considered quite strong since it hasn't been touched yet.
This decline is supported by the fact that soy prices have broken the previous low of 52.08 and are expected to drop to the daily support zone around 50.47 to 50.17.
ZLF2023 - SOYBEAN OIL JANUARY 2023Elliot waves impulsive forecast trial
I use fib time & trend to predict waves time & price lengths.
Despite this Monday 28th Nov bull opening, I still beleive wave 2 shall find a lower price by end of the session and shall price the low most probably druing overnight session before starting wave 3 tomorro tuesday 29thof Nov.
If I am wrong, wave 2 was finished when touhed 70.27,meanign wave 3 started. Iwoudl update graph tomorrow
This NOT a trading advice and my first publication. pls be good..
Looking for buyers in a number of markets10.6.23 A number of markets have traded to the end of their ABCD patterns going lower and are coming to support areas. I did a review of four to six markets some of which I've never traded or haven't traded for years.... just to look at the patterns and look for reversals.
like last monday the FVG short setups on soybean oil are goodnotice how clever it is to enter at 30 min FVG entry spots if there is a clear downtrend on the daily chart
Soybean maybe in long positionSoybean looks to test the resistance at 65.40-65.46. if failed , then maybe go back to support at 59.67-59.60 area.
A technical overview of Soybean Oil
Since our last analysis of Soybean Oil, the commodity has completed its head and shoulders pattern, now trading at the resistance formed by the previous neckline. Concurrently, we observe an RSI divergence, where the RSI prints lower highs while the prices chart higher highs. This divergence is generally viewed as a bearish indicator, hinting at possible price declines. When paired with decreasing volume, the case for price exhaustion at this juncture becomes more compelling.
The Price & Volume Profile chart serves as another essential tool in pinpointing critical zones. The highlighted POC (‘point of control’) zone represents the price level with the highest frequency of trades. Historically, this has acted as a pivotal support and resistance level for Soybean Oil, demarcating regions of consolidation before prices venture either upwards or downwards. The chart also highlights the volume traded at the different levels as denoted by the volume number at the different price levels. Notably, the current price level showcases a significant volume zone, with the largest volume transacted there.
Looking at the 50 & 200-day moving averages we observe a golden cross which signifies bullishness. But not on the 100 & 200-day moving averages.
On a relative value basis, we can also compare Soybean Oil to its substitute, such as crude palm oil. Here we see 2 defined regimes pre-2021 and post-2021 where the ratio of the two products significantly increased, suggesting that Soybean Oil became relatively pricier than Crude Palm Oil. We have previously delved into this topic in our article “ Fading the Soybean Oil Premium ” where we anticipated a decline in this ratio. Subsequently, this ratio did correct to the 0.06 mark, only to experience a rapid rebound. This surge was attributed to Soybean Oil appreciating at a faster rate than Crude Palm Oil.
Another metric involves contrasting Soybean Oil with its upstream and downstream derivatives: Soybean and Soybean Meal. Once more, we see prices tending to move in tandem until 2021, after which the ratio of Soybean Oil to both Soybean Meal and Soybean underwent a marked shift. With the ratio's support distinctly outlined by pre-2021 resistance, this ratio can be wielded as a metric to identify when Soybean Oil is relatively overpriced compared to its up and downstream products.
In conclusion, a blend of technical indicators seems to point towards more downside for Soybean Oil, such as the RSI divergence and declining volume. Also, prices stuck in the POC have generally preceded breakouts and on a relative value basis, Soybean Oil seems over-extended. We can express this bearish view on soybean oil via a short position on the CME soybean Oil futures at the current level of 63.29, with a stop at 67.50 and take profit at 51.00. Prices are quoted in cents per pound and each $0.0001 increment per pound in the Soybean Oil futures contract is equal to 6.00$.
The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. A full version of the disclaimer is available in our profile description.
Reference:
www.cmegroup.com
Soybean TF 15mSoybean Time Frame 15m
Hai traders now what you see on chart
Just follow the directions and react
Now you can see what market doing
#soybeanoilfutures
#TAYOR
#thisonlyforprediction
#notforbuyornotforsell
#MFM.TRADER
ZL1! LONG OF THE YEAR!whatsup! patiently waiting for the price to get into my zone and looking for longs. best rrr
Long ZLZ23 at Market; Target 65.48, Stop Loss 58.70December Soybean Oil long bias based on technical indicators and supply/demand projections going into harvest season.
