We have quite a mixed picture on Soybeans, as it has really not been trending, still moves in a range, and possibly in a flag. The patterns on both weekly and daily time frames are really interesting, and within next few trading there may be a major move.
Weekly:
- Ichimoku setup is bearish/neutral: Price is below Kumo and Kijun Sen, but Chikou Span hit past 26 weeks candles, and also very interesting to see Kijun Sen (26 weeks avg) to point up, while Tenkan Sen (9 weeks avg) being flat. Anyway this is still minor bearish bias, until Price stays below Kijun and major Trend line.
- Since mid November/2014 weekly price has been drifting lower in a possible flag formation. A break above 974 and later above 1006 is needed for a possible bullish extension to retest 100 WMA and Kumo.
- Heikin Ashi signal is bearish, but we have a few more days left from this week. haDelta/SMA3 is not really convincing, as it is still ard zero line and has some positive divergence.
Daily:
- Ichimoku setup is bearish biased, but can not be called strong bearish until Price can not make a lower low. All Ichimoku average lines are flat, and we have a very thin Kumo above Price.
- Price was pushed down to ultimate support zone 948-958 during last four days, but teh Heikin Ashi signal yesterday and today suggests a possible spike again.
- We also have a possible bullish wedge formation here. A break will occur within a few days. Given the Heikin Ashi signal it is not impossible that the break finally happens on the top side. That would also mean a Price/Kijun Sen weak bullish cross. So the upper level to watch closely is 972! Wether it will be able to break through the Kumo later, or only reaches range top, that remains a question.
I enterred 0,5 unit long position with stop below 942. WI would add 0,5-1 unit more above 972.
Weekly:
- Ichimoku setup is bearish/neutral: Price is below Kumo and Kijun Sen, but Chikou Span hit past 26 weeks candles, and also very interesting to see Kijun Sen (26 weeks avg) to point up, while Tenkan Sen (9 weeks avg) being flat. Anyway this is still minor bearish bias, until Price stays below Kijun and major Trend line.
- Since mid November/2014 weekly price has been drifting lower in a possible flag formation. A break above 974 and later above 1006 is needed for a possible bullish extension to retest 100 WMA and Kumo.
- Heikin Ashi signal is bearish, but we have a few more days left from this week. haDelta/SMA3 is not really convincing, as it is still ard zero line and has some positive divergence.
Daily:
- Ichimoku setup is bearish biased, but can not be called strong bearish until Price can not make a lower low. All Ichimoku average lines are flat, and we have a very thin Kumo above Price.
- Price was pushed down to ultimate support zone 948-958 during last four days, but teh Heikin Ashi signal yesterday and today suggests a possible spike again.
- We also have a possible bullish wedge formation here. A break will occur within a few days. Given the Heikin Ashi signal it is not impossible that the break finally happens on the top side. That would also mean a Price/Kijun Sen weak bullish cross. So the upper level to watch closely is 972! Wether it will be able to break through the Kumo later, or only reaches range top, that remains a question.
I enterred 0,5 unit long position with stop below 942. WI would add 0,5-1 unit more above 972.
