BIG down day today for beans. Looks like a weak Argentina crop cant compete with a +500bu carryout in the US. And talk of farmers increasing acres... How is the thought of that going to help things.
This tariff talk... Not going to be friendly in regards to US exports to china.
And about those technicals...
I mean come on. This market was OVERBOUGHT. end of...
Soy on the year over year spread is getting to its widest point and could be setting up a good buying spot. This is a great way to get long beans from this low with great reduction of buying power. After a confirmed bounce off bottom and if we still have enough time will look to adding a theta component to the trade. Please feel free to ask questions.
Technically overbought. New highs made with declining volume. Not an indicator for continued strength. Overall uptrend is intact, but we are near upper end of trend channel. On top of that market is overbought based on BB, RSI and Stochastik.
1. Middle bollinger Band
2.Upsloping red shorter term trendline
3. Longer term red trend line, and 100 day MA...
AG is still considered an inverted head and shoulders in the making, as the first shoulder's resistance has not been broken.
Price will likely be bouncing from the support trendline and up to the low 13s.
Frena en el Cluster formado por Fibonacci y sale al alza.
Es un activo corrrelacionado al oro y plata que tuvieron una gran recuperacion. pero el cluster formado por el activo genero mucha fortaleza al alza.