According to Larry Williams if we make a higher low we can be buyers here - targets are 330-335
Looks good to long if we take out that low. Will be waiting there. Goodluck
Soybean Meal (ZM1!) made a Lower High on the 1W Channel Down (RSI = 39.076, MAC = -8.620, Highs/Lows = -5.800, B/BP = -25.7200) and should now reverse lower towards a new Lower Low. The first short target is 293.80 as the Lower Low extension since the last bottoms supports there. If crossed, we will continue shorting, TP = 275.20.
Look for main levels to be breached. targets as per chart
Key level = 336.1 Focus to the downside for wave 3 of 5. key level must hold for this 1-2-1-2 setup.
Soybean Meal is trading sideways inside a 1D Rectangle (325 - 341) since late June (RSI = 46.257, CCI = -35.7793, Highs/Lows = 0.0000, Ultimate Oscillator = 49.818). Our optimal strategy involves scalping within 326.60 - 338.10.
Soybean meal. Momentum still to the down side. waiting for wave 4 to complete.
Its already been one month since ZM in correction mode. Maybe its time to wake up?? Expecting wave 4 will end soon in near future Hai ZM! my new best friend :D I will follow you rapat rapat!
SOYBEAN MEAL (ZM) 396 SHORT, STOP on (412)
super promising trade of 1st quarter short the heck out of soybean meal (SM1!) overview of past weeks ytd www.agweb.com and upcoming action www.agweb.com 4Hr DAILY WEEKLY im personally bearish meal due to the huge runup. www.agweb.com "South America Conditions - The 2018 Argentina bean crop is one rain event away from being significantly large. This could hurt...
PM's Crush Spread (+1 ZS Soybeans, -1 ZL oil -1 ZM meal to sell this spread). September 2017 futures contracts. This chart is weighted by Market value of each contract (the y scale shows profit / loss per 1 lot). 1. Seasonable window for lower prices in this spread from end of May until end of June. 2. RSI Divergence.
July Soybean Meal rose off Shark pattern. Too much Soybean in market right now so rise is probably getting rid of oversold position before starting down again. Projecting rise to somewhere around 328-324. Next projected pattern bearish butterfly.
Look forward for gain starts in early April
May Soybean Meal Gartley pattern almost complete, but may turn into a Bullish Butterfly. We may see a pause at 78.6 before trending lower depending on how fast Brazil can take off their large crop, and what the feelings are of traders. Major support for butterfly comes in at 313.7. Gartley comes in at 322.7
June Soybean Meal finally sold off the bearish flag today moving closer to finalizing Gartley pattern as minimal position.