Soybean Meal Bearish Butterfly

Short

Soybean Meal Futures (Mar 2018) (CBOT:ZMH2018)

Updated

CBOT:ZMH2018 Soybean Meal Futures (Mar 2018)

Pivot Points Butterfly

pivotpoints butterflypattern

A potential bearish Butterfly for Meal crossing over pivot. Upside target R1 at 341.6 where RSI should top out.

Comment:

SM almost reached 336. An end is near for SM with the long wick.

Comment:

SM turn on R1 as projected. Downside target pivot for now. May not reach S1. 20 day moving average might be full retrace at 325

Comment:

Meal looking at a brief retrace before continuing up. We may only get a retrace to pivot at 328

Comment:

Meal still looking at pivot.

Comment:

Noting new to report. No clear direction. Could be a fall, or another upside move. Pivot right now is target.

Trade closed manually:

New pivots have formed. Going to new chart outlook.

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