Soybean Meal - Elliott Wave forecast
Hello traders, Soybean meal made a five-wave decline, down from 336.4 level, which is a strong indicator that bears are taking charge in the near-term. We can see a completed five-wave move at the end of May, when price started again recovering, however only for a three legged move. We believe a flat pattern is unfolding within a higher degree wave II now,...
Working on the idea of ZM zigzag sequence in daily chart.
Another agresive bull spread which is currently with good setup for trade. Commercials have an extreme short positions, which means, there is not much space for further price's fall. Moreover there is a good seasonality ahead, although LTD (Last Trading Day) is 30.6. so we are quite close. In general soybean meal is a small contract, we do not risk much. I have 3...
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Upward ranging movement. Vigilance at the next level 298 USD
The RSI shown on the Soybean Meal Futures chart has closed below 60, and there was a large bear outside candle formation to complement the move down. Additionally, this is the first retracement within the trend. Since the heaviest volumes are above the current price, I anticipate there will be a retracement into the untested supply zone and then trend...
Soybean meal stayed in this range for very long time. Also except meal almost all ag futures rallied around 10% . Also the trend shows a jump from a double bottom... Anyway I expect a price range between 315 - 343 within 1 month....
Here's my idea to go long on ZM1!. This is a 4-hour chart. First, I always need 4 independent reasons to take a trade. They are as follows ... 1. Location - Is the price in the correct location? In general, I price must be in the bottom of a range for a long, and at the top of a range for a short. 2. Market Structure - Is there a double bottom with...
Actually, quite similar to the coffee chart previously published, in that the soybean meal has experienced deep correction down followed by a range where Bollinger Band width narrows. WASDE report tomorrow most definitely will provide impulse power that may propel price up into acceleration gap corridors. Tonight looks firm after today's weakness. Buying at the...
Bought at market on Friday. Looks like a back up after he first run at risistance.
A possible bear gartley for May Soybean. Above the 20 day moving average. Next target R1 at 313.7
Entry: 310 Stop loss: 305 Target: 320 1/19: move stops to 311 ZM bounced at strong support/multiple bottoms