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Remko
Jul 24, 2016 11:28 AM

CBoT soyameal long ply with tight stop Long

Soybean Meal Futures (Dec 2016)CBOT

Description

Soyameal:
Price has arrive at our target ahead of time and drew a beauty of a 'hammer' on the chart. A 'hammer' is a very reliable bode that the end of the downmove is imminent but it needs confirmation. We need this price to reverse here and now as per our earlier set scenario and we feel safe with a long play at the opening tonight although a tight stop is required. There is a 25/35% upswing potential in this chart. However, we need to see the reversal on Monday/Tuesday and need to stop out a a lower low.

Trade closed: stop reached

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