Remko

Soybeanmeal in corrective move down

CBOT:ZMN2016   SOYBEAN MEAL FUTURES - ECBT
19 0 1
Soybeanmeal:
Price has made an impressive rally up during most of April and its indicators like RSI and MACD have reached oversold area (not displayed on the chart). There is a solid supportive level at around the 300 mark which is about 10% down from the currently traded price. We favour the theory that price has completed its B of (4) and that price is now at the start of C which should take price, preferably, below 308 after which there is room for the next hike up. However, price could be developing an 'expanded flat' here in which case price would probably not trade below 315 before it reverses back up again.
In any case we favour a corrective move down from here to the 315/305 level during first half of next week from where we favour a reverse for completion of a (5) and with a target of at least 350 during late May or early June. On step at the time however and let's first see how next week goes.
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