Long Term Prospects for SOY BEAN OIL
The Market is in a Bear Market Rally on the daily, with price above the 50 , which is above the 200 and 800 emas, with the 200 still below the 800 . Price is topping out with three pushes up in this wave, and dark clouds and shooting stars warning of a top.
The Market is in a Bull Market on the 4 hour, with price trading above the 50 , which is above the 200 , which is above the 800 . Price is correcting having dropped below the 13 and having tested the 30 twice. There is also a big old nasty which makes for a good peak formation. Probably open down next week and trade up towards the back end of the coming week to finish out an M-Top formation, before starting a sideways consolidation, which will likely be a triangle.
This is my SOY BEAN OIL look ahead for my own trading purposes. trading involves risk. Feel free to comment, but trade off of this post at your own peril.