7. 19. 22 Euro futures 6E1! Dxy Wheat ZW1! Soybean oil ZL1! This is a quick review of a few tradable futures markets. I show what attracts me to look at a market, and sometimes that requires that I use much larger time frames. I used to Euro futures as an example of longer-term trading and give some possibilities for Traders who don't want to DayTrade as...
Soybean oil futures closed last session on a long established support level and down fib extension. With crude climbing back up and after today's sell off this is likely to pop when the market re-opens.
Joining a global commodities rout, Soybean Oil had a rough time in the past 2 weeks, tumbling close to 22%. The move precipitated after breaking the 6-month uptrend and has struggled to find support until now.
After bouncing off the $65 support level and the 61.8% Fibonacci retracement, prices seem to have found a floor, ready to make the next leg upwards.
...
i will be following this drawing.
* None of what i write here is not an investment advice. Please do your own research before investing in any digital asset.
* Never take my personal opinions as investment advice, you may lose your money.
Crude Oil and Soybean Oil had nice moves to the downside after INSIDEDAYs
have a look at other markets are either in long or downtrends:
www.tradingview.com
at least for soybean oil its time to take profits at aprils low...
Preferred Case: on the H4, with price moving in a descending trend channel and moving below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 80.73 in line with the 78.6% fibonacci projection and swing high to the 1st support at 76.83 in line with the horizontal swing low and 78.6% fibonacci projection.
Alternative scenario:...
China, one of the largest consumer of soybean oil, has tapered its demand for the edible oil due to COVID-related control measures over the past few months. With new cases falling and lockdown for Shanghai expected to be lifted soon, we see positive demand drivers on the horizon for soybean oil. Restaurants are among the largest consumers of the oil. As consumers...
Soybean Oil futures is on a rip. It appears to have made a 4rd wave and then pulled back in wave 4, which is an ideal time to long. Stop losses are placed below the 0.5 level, because moving below this level means there is something like 90% chance that we are wrong.
Thanks for playing.
Buy Bean oil @ Market- 1st TP 84.72, Stop @78.90
**Trading commodity futures and options involves substantial risk of loss.
The recommendations contained in this letter is of opinion only and
does not guarantee any profits. These are risky markets and only
risk capital should be used. Past performance is not indicative of future results**
hypothetical...
Type : Bearish Continuation
Resistance: 85'46
Pivot: 83'76
Support : 82'04
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud , we see a potential bearish continuation from our pivot level of 83'76 which is in line with 50% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 82'04 which is...
Type : Bearish Continuation
Resistance: 85'46
Pivot: 83'76
Support : 82'04
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 83'76 which is in line with 50% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 82'04 which is...
Type : Bearish Continuation
Resistance: 83'30
Pivot: 82'45
Support : 79'93
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 82'45 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 79'93 which is...
Type : Bearish Continuation
Resistance: 83'13
Pivot: 81'56
Support : 79'99
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 81'56 which is in line with 61.8% Fibonacci retracement and horizontal overlap resistance towards our 1st support level of 79'99 which is...
