In the accompanying chart I show a high probability support zone for $ZS_F Soybeans at approx. $835 - 790 zone. If demand signals start flipping and firing, that may be a good place to go long. Meanwhile, in the absence of any real demand, I can't see a turn around. The recent lows look vulnerable.
After a two week rally, soybean (ZS) is now bumping into downchannel/descending wedge resistance on the weekly chart, which coincides roughly with the 1000 psychologically key resistance level. Weekly RSI and Stochastics are in rally mode, while the MACD which a few weeks back appeared ready for a negative crossover has strengthened again and is sloping up now....
Weekly:
- Heikin-Ashi weekly reversal pattern, with haDelta climbing back above zero line.
- Chikou Span got close to Price candles, we may see a weak bullish Chikou cross within next few weeks
- First resistance is Tenkan Sen at 1008, second is Kijun Sen at 1046
Daily:
- Major bearish trendine break?
- HA candle pattern is bullish, haDelta is further up
- Thin...
Last two weeks have been boring in Soybeans' market. Small spike up, then back, but in fact it has been trading in a very narrow range. There is total undecision, but the next break will end in a big move.
Weekly:
- Ichimoku setup is still rather bearish, but in fact since October/2014 the bearish bias softenned a lot. Chikou Span is getting close to Price of 26...
Soybean has been a tough market for those traders seeking volatility as it has been on a “wait-and-see” mode for a couple of month now. I do not expect any major movement on the short/mid run; however, I do see a possibility to “widen” the current trading range.
The wave counting above suggests that a B wave would be completed (or nearly completed) and a possible...
Wheat: Has been changing direction as fast as it was going up. Price is in the Kumo still, but below Senkou B and Kijun Sen, DMI bearish too. Chikou Span made its bearish cross. Any correction back to 574 will likely be a good entry point to enter short.
Corn: Turning bearish as well, but still Corn is the one that has the "best" performance technically. Price...
Wheat: No comment. Exploded after few days flag consolidation. Trend is extremely bullish, primer support range is 600-612. May be bit overbought here, but any retracement is a buy in line with the trend.
Corn: Nice bullish trend, and it has more room to rally, especially if it would like to keep pace with Wheat.
Soybeans: The lagging one. Let's dig into the...
Soybeans, technically, should be heading significantly lower in the short term. With the confirmation today of the head and shoulders top, the market should plummet by 8 - 9% by year end. This will put the soybeans smack down at year lows. The pattern took about a month to develop and should take about that long to fully unfold. However, this is a scared market...
ZS has found major support at around the 900 level, as seen by the weekly RSI, Stochastics and MACD all turning up from oversold levels. The 900 round figure coincides with major bottoms in 2009 and 2010, along with near bottoming activity in late 2008. ZS appears to want to target roughly 1000 in the near-term where downchannel resistance can be expected to...
This is one of our favorite patterns. It usually suckers people into believing we will see more downside. The larger players will usually dip below the wedge and get new shorts stuck and then squeeze them. (similar to Corn recently) If they break it to the upside we should see a quick move due to weak shorts being stopped. This is high on our watch list.
Soybeans ZSN are forming a top. Typical seasonal peak is in June/July but this might be earlier. Chart pattern (M top) and RSI divergences are supportive. Targeting 1394.0 in one week time.
Soybeans ZSN are forming a top. Typical season peak in in June/July but this might be earlier. Chart pattern and RSI divergences are supportive. Targeting 1429 in one week time.
Fundamentals can be found in the USDA (US department of agriculture) reports:
www.usda.gov
