InvestingScope

Soybean Meal: Long towards the neckline's Resistance.

CBOT:SM1!   SOYBEAN MEAL FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
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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