Soybeans:
Price made a strong move to the downside of some 2.5% after which it revered leaving a relatively long bottom tail for the daily candle. Price reached our target a bit earlier than we would have expected which is not a problem as such but the structure of the latest move is a problem.
Thus far we stick too our earlier casus in which we see price make a...
Soybeans:
Price corrected up during the first half of the past week and still has to complete its move down a bit further to the 10/9.75 region where we expect price to reverse and make a move up of 20%. Traders who entertained the short play last week should have been stopped out and if not their stops were not tight enough so they are more rather lucky than...
Le'ts take a look at the Soybean Futures market by examining its 2hr chart. What do we see:
- Price has consolidated in a descending triangle.
- Support @1130 running flat
- Resistance is the downtrend line.
- A break out of either way will tell us about its next going direction.
A descending triangle is usually a continuation pattern so here the upside is...
*EDIT in text quote on left of chart - *Synchronicity in between
I have created an equally weighted portfolio of 5 sustenance based commodities including Soybean, Soybean Oil, Sugar, Wheat, and Maize (continuous fwd contracts). This is an update to the first chart I have published (rough rice) which isn't updating for some reason but if you see the RR1! graph on...
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SignalSuisse
After a two week rally, soybean (ZS) is now bumping into downchannel/descending wedge resistance on the weekly chart, which coincides roughly with the 1000 psychologically key resistance level. Weekly RSI and Stochastics are in rally mode, while the MACD which a few weeks back appeared ready for a negative crossover has strengthened again and is sloping up now....
Soybean has been a tough market for those traders seeking volatility as it has been on a “wait-and-see” mode for a couple of month now. I do not expect any major movement on the short/mid run; however, I do see a possibility to “widen” the current trading range.
The wave counting above suggests that a B wave would be completed (or nearly completed) and a possible...
This could be possibly the easiest short out there on the futures markets. This resistance area at 340 was tested as support numerous times and held until September. It has yet to be tested as resistance. Usually the first touch of support-turned-resistance holds very strongly as multiple traders will be looking at the same area to enter short.
Target is a...
ZS has found major support at around the 900 level, as seen by the weekly RSI, Stochastics and MACD all turning up from oversold levels. The 900 round figure coincides with major bottoms in 2009 and 2010, along with near bottoming activity in late 2008. ZS appears to want to target roughly 1000 in the near-term where downchannel resistance can be expected to...
