Soybean Meal: Long towards the neckline's Resistance.

CBOT:ZM1!   Soybean Meal Futures
The price has completed a Head and Shoulders pattern on 1W ( RSI = 45.662, MACD = -8.520, Highs/Lows = 0.0000). The neckline is within 293.90 - 341.40, a range that Soybean Meal roughly traded in for 540 days (August 2016 - February 2018). This can be used as a basis for a long term sideways strategy of selling near the Resistance and buying near the Support.

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Outstanding portrayal of price history. Incisive interpretation that stands the test of time, to this very day. Appears we are likely to rise up off the second bottom and run the range now. Thank, thank, thank YOU~!~
+1 Reply
@Bo, Thank you we are glad that helped you. We are big supporters of long term trading set-ups as they have proved to be far more reliable than short term.
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