Lanmar
Long

Soybean Oil Long term

CBOT:ZL1!   SOYBEAN OIL FUTURES - ECBT
98 4 5
Major set-up right here.
Comment: Taking profit at 37.9
Comment: This was one of my most optimistic markets 5 months ago from a long standpoint. Definitely did not think a retracement of this magnitude would occur. At this point I see the following possibility:

Ideally, we see price revert all the way down to 26. That would be a spectacular risk/reward opportunity with a high probability rebound.
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Comment: Trend line is broken
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Awesome call. The dump for balancing just before the presidents day weekend hit your trend line on the mark.Do you suspect it to bounce now or break the trend?
+1 Reply
Lanmar PRO mesflash
@mesflash, Hi Mesflash. Difficult to say. The lower trend line is drawn incorrectly. price should find some support at the 31.50 level. Depending on his price reacts I may elect to cover this market again. In the mean time I prefer to stay away.
Reply
Lanmar PRO mesflash
Will update on my interested price levels
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This down trend worth keeping an eye on
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