Grains were/are in quite strong downtrend, however bears are getting exhausted and ZS might be the top performing asset in grains. We are above huge support and bounce from that support was decent. COT report is extremely bullish + seasonality data are telling us, that price of soybeans should grow during the summer. I am only waiting for breaking the trendline...
- Ichimoku is neutral with price located in cloud
- Kijun Sen acts as major key support at 890
- Upper key level is 938 (forward Senkou B line)
- Heikin-Ashi shows indecision with slight positive bias by haDelta+ and haOscillator
- EWO is positive
- Ichimoku is neutral, but as Kumo cloud is very thin and the horizontal key levels are close to each...
Key level: 1082’4
Soybean market has been in sleeping mode since JULY 2018.
Uptrend sideways movement that clearly develop into triangle pattern add support to our wave count that soybean are currently in wave (4) phase.
By using Elliott rule of “WAVE 4 never enters the price territory of wave 1 and 2”, we can establish a strong invalidation level of 1082’4...
DANIEL BRUNO, CMT
I HAVE NOT EVEN LOOKED AT A SOYBEAN CHART IN 13 YEARS
PRICES HAVE RETRACED CONSIDERABLE SINCE THE HUGE RUN UP C. 2007
MONTHLY AND WEEKLY TIME FRAMES ARE BEARISH, HUGE RED ENGULFING IS LAST CANDLE
I have noticed agriculture volumes were soaring recently, maybe I am out of touch but those are the numbers I had in mind before:
Soybeans (5B), Corn (2B), Wheat (1B), Cotton (900M), Coffee (600M), Sugar (500M), Cocoa (300M)
And now they are 2 to 5 times higher, what's up? ==> Soybean Futures 10-15 Billion, Corn futures 10-15 Billion, Wheat 4-5 Billion. Those are...
thank the lord and pass the ammunition post shutdown this will be one of the first main agriculture reports to come out. i favor a bearish sentiment but we've been flying blind for sometime due to lack of data coming out. weather and supply surpluses via Brazilian competitors also back the bearish thesis longer term. either way this is going to be a volatile but...