Looks like volume is picking up in the lower 40's range on soybean oil. The summer months could also bring heavy volume and we could see buyers take control. I could see it hit the top of my trend line before coming back down in the colder months. Just an idea and would love to see thoughts
still in downtrend mode find short or swing short. Break every support just find nearest resistance to find EP and if break structure hold for swing 1: 5 risk management
Chicago Board of Trade soybean futures ended weaker on Tuesday after touching a one-month low as strength in the dollar weighed on grain markets.
CBOT May soybeans SK24 settled down 13-1/4 cents at $11.45 per
bushel and hit their lowest price since March 6.
CBOT May soymeal SMK24 ended down $3.20 at $335.30 per short
ton, and May soyoil BOK24 dropped 0.56 cent...
In this video, we look at the Soybean market CBOT:ZL1! which is a commodity.
Now if you have been reading or watching my videos.
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One thing you will notice is that i like the commodities market.
Even though most of the time i talk about the stock market
i really have a passion for the commodity
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market because it reflects the everyday prices of goods such...
Hello to all tradingview investors, according to my previous analysis, I see a great sales opportunity with good probability, the details are reflected in the graph, greetings and good luck to all
I like buying Soybean Oil here around 49.90 July Contract. 48.86 December.
1. Big correction through harvest season.
2. Seasonally bottoms late nov- December
3. La Nina to El Nino--- no good for growing conditions.
www.usda.gov
4. Chart pattern I like.
As we can see, soybean oil closed at the level of 49.17 and has made a lower low compared to the previous low.
So, my expectation is that the price will continue its downward trend until it reaches the daily support level around 47.50 .
However,
Before this decline occurs, I anticipate a pullback in price, possibly rising to the price zone of ...
As you can see, this increase is temporary in nature because the overall trend is still in a downtrend. So, my expectation for now is that soy prices will climb until they reach the daily resistance zone around 53.50 (as indicated by the red box drawn).
It is anticipated that the price will experience a decline upon reaching this level because this zone can be...
Elliot waves impulsive forecast trial
I use fib time & trend to predict waves time & price lengths.
Despite this Monday 28th Nov bull opening, I still beleive wave 2 shall find a lower price by end of the session and shall price the low most probably druing overnight session before starting wave 3 tomorro tuesday 29thof Nov.
If I am wrong, wave 2 was finished when...
10.6.23 A number of markets have traded to the end of their ABCD patterns going lower and are coming to support areas. I did a review of four to six markets some of which I've never traded or haven't traded for years.... just to look at the patterns and look for reversals.
Since our last analysis of Soybean Oil, the commodity has completed its head and shoulders pattern, now trading at the resistance formed by the previous neckline. Concurrently, we observe an RSI divergence, where the RSI prints lower highs while the prices chart higher highs. This divergence is generally viewed as a bearish indicator, hinting at possible price...
