SOYBEAN MEAL (ZMZ2014) is pulling back to the median line. 345.0 is the target. The recent price action (from 28Oct2014 to 03Nov2014) is a reversal pattern that can be better evaluated in the hourly chart.
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...
Soybean meal (ZMZ2014) has been in consolidation phase from mid July to mid Sept 2014. Many false breakouts during this period. Finally rolling to the downside.
Soybean meal (ZMZ2014) has been in consolidation phase from mid Aug to mid Sept 2014. A tringle pattern formed betweed mid July and mid August and is ready to breakout in either direction. Looking at the RSI devergence and at the bear trap on the 12 Aug 2014 this seems to be more a bullish set up supported by the typical seasonal low (end of the harvest). On the...
ZMZ2014 - Soybean Meal triangle pattern ready to breakout to the downside. I was in doubt after the false breakout on the 12Aug14 but the down pressure is resuming and will probably continue. No support below 340.0.
Grains are getting weaker but bean complex seems not giving up yet. Soybean meal contract (ZMN) is probably forming a top. Price bounced back for five consecutive days from 477.0 creating a nice floor. A trade below 477.0 will brake the support projecting price towards the next level and bear 1/2 Gann line. Not a seasonal trade but price are almost at historical...
Soybean Meal essentially double topped between Sept and Dec 2013. Now trading below the 20EMA. The next move will be towards the down sloping median line. Watch out that trendline. Major lows a typically posted in February in the beans. Weakness across the grains.
Sell below today low around 460 protective stop above today high. This is a H&S pattern. A major trendline has been broken. Target objective as indicated, about the height of the head from the neck line. Feedback welcome!
