Stelian
Long

Soybean Oil H&S chart pattern

CBOT:ZLZ2012   SOYBEAN OIL FUTURES - ECBT
330 5 1
I have seen that the Soybean has been forming very clear chart patterns over the months.
Yesterday it has just reached the support level of the left shoulder (formed at the end of sept.).
During the end of october it has established a higher high, which is the first sight of a potential secondary trend direction change.
If this is the higher low, it may be a great opportunity for a long position. ( I have indicated a potential buy position with a close stop loss).

If the downtrend continues, the next thing to look out for is a possible SECOND HEAD (making it a more complex head & shoulders formation), or a DOUBLE BOTTOM, something that we saw in december 2011.
Of course there is also the possibility of forming both, which will be quite a clear signal.

The target line has been estimated assuming a breakout from the line in the breakout zone and it is the furthest target line that I can point out in the current situation. Therefore it can be subject to change and for a short term target it can be moved closer.

Thanks.
LEONES PRO
4 years ago
I agree with you but you should use the new functions where the users or followers can clearly see your target and stop loss, profit/risk ratio etc. The bullseye is based on a precise value
Reply
Stelian LEONES
4 years ago
I am noting what you are saying and for next time I will put some more percise figures. You mentio "new function", what do you exactly mean by that and where can I find the ones tha you are reffering to?
Thnanks.
Reply
LEONES PRO Stelian
4 years ago
above the zoom, bottom left, together with price range, date range, forecast there are other two selectiions: 'long position' and 'short positions'
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out