Looking for a possible short on Soybeans down to an area of support and confluence of the channel downward channel. at 882. We are currently hitting year long ascending trendline bottom that we broke and have yet to retest, as well as the 38.2% fib entrancement level of the larger move. Price has seemed to lose momentum at this level. looking to price action for confirmation that a move to the downside is probable. This could break through that year long trendline and we could be looking for a move to test highs at 940, if not looking for TP at 2 levels, 882 and 855
Comment:
Trade taken on the close of last h4 candle big bearish engulfing. Going to set BE at 1:1 and watch the 884 level to see what price does here