January Soybean Meal creating a head and shoulders and bearish Cypher pattern. Waiting for break through 311.8 for confirmation. There is also a bearish flag further suggesting a fall. First downside target 306.9 at S2. Market below the 20 day moving average and on the bottom side of RSI as it trends horizontally.
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Meal gained significantly to the upside on Monday and doji today. Still inside the H&S, but has however broken the downtrend. This week we should see if Meal can continue this upside move or falter downwards.
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Correction Friday was the first move.
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The final stretch to bring in grains is at its end. Soybeans by the USDA has been rated higher yields than last year. Purchases of Soybeans right now appears to be the only road to an upside right now. Bean Oil is falling as well that may press Meal further down. Have to wait and see if this H&S will come true.
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Meal made a bearish shooting star on today. This market as well as beans is a wait and see game on sales. If you go off the star alone it would portend further lows on Monday.
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Meal dojied as Beans fell. R2 now resistance at 331.7