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Soybean Head and Shoulders

Soybean Mini Futures (May 2018) (CBOT_MINI:XKK2018)  
hopscotch Updated   
CBOT_MINI:XKK2018   Soybean Mini Futures (May 2018)
Pivot Points Head and Shoulders
1
5
pivotpoints headandshoulders
May Soybean last shoulder in place. Shooting star doji today rejecting higher prices may be indicating a fall is imminent. RSI trending down. Downside target S1 at 1001'1. Beans are under the 20 day MA and using it as resistance. Minimum shoulder height takes us to 1010.
Comment:
Lower low for beans. Target is still S1.
Comment:
Another low for Beans. Creeping down.
Comment:
Thursday USDA reports for acres on beans was lower than a analyst predictions so we got a significant buy to 20 day cross. What surprises me is it is only 1-2 million acres. When you consider that the acres may be 88.9 million compared to the analysts prediction of 89.2 million, you got to wonder, what's up with these people? The slightest difference sets off a chain reaction of crazy selling of buying. How far this will go up is anyone's guess. Right now it has a enough running room to at least R2 double top. We will get new pivots tonight for April.
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