Kumowizard

Soybean Oil - Push or Pull?

CBOT:ZL1!   SOYBEAN OIL FUTURES - ECBT
88 6 4
Weekly:
- Trend is a trend, until its end. Is the end getting closer? Trendline matches Kijun Sen and horizontal key level.
Most important to watch is 32,05!
- Heikin Ashi candle turns red, haDelta crosses down SMA3, the setup is rather bearish again. Question as always is the weekly close, and if Bears can push it down to a lower low later.

Daily:
- Price trades exactly at equilibrium! Kijun Sen and thin future Kumo stays at same level ard             31,35-31,50.
- Heikin Ashi candle turns bullish , haDelta up. Chikou Span close to Price.

Bears really need to make a push soon, or else they can quickly lose control and capitulate. In case Soybean             Oil             breaks above 32,05 and later above 32,50, then we wil see a trend break and reversal, a confirmed bullish Kumo breakout on the daily chart , with high probability tgt             to 35, and lower probability tgt             ard             37.

I am watching it for a reversal long trade.
A very key crop report will be released May 10th, 2016 at noon EST. There should be big volatility after this report. I believe that the technicals have reversed. I trade fundamentals, while respecting the technicals. Good luck!
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Excuse me, but this is more than a year old post!!!! I hv no clue what happened then! Why do you make any comment on this please? Express yourself on my recent posts.
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elytikai PRO Kumowizard
Dude, take a chill pill. TradingView put this right on my front page.
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It more looks like a pull. Confirming Heikin Ashi candle today.
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how do you see soybeans and corn? any significant change on ichimoku?
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Kumowizard PRO againstthegrain
You know, those are really interesting.
Corn and wheat turned bearish again. However Soybeans holding its strength. In terms of Ichimoku Soybeans is neutral-bullish, while the other two are bearish. I was long few contracts of soybeans from 981, but I closed them (maybe a bit too early) as I saw the other two were under re-newed selling pressure.
If anything, then Soybeans and Soybean Oil are the candidate for a possible bullish break. On the other side you have to be cautious, as it is very rare to see only one of the grains going bullish, while other two are sufferring.
Corn bullish break needs a close above 397-400 (referring to May contracts)
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