4H CHART EXPLANATION:
At the beggining of May, price started a strong bullish movement towards the Weekly Descending Trendline. Once it faced the zone, it could not consolidate above and the trend became weaker. Then started moving sideways and it has recently formed a Triangle Patter, which was broke downwards yesterday. We expect a downside move towards the...
Price respecting these trend lines very accurately.
Commodities like Soybean, Corn, Wheat and Sugar are great great markets for this type of trading because of the low manipulation from the big banks.
Let's see where the price goes next.
Looking at the long term chart, soybeans are poised to make an aggressive move to the upside. However, this can happen in two flavours: a failure at the 9.224ish level followed by a correction and an extension of the building divergences, or, a break past that level followed by more upside. If the price hits the aforementioned price target and stalls out or...
Watching Soybean very closely, a close above 8.35 might signal a trend reversal for soybean , notice the 21st May exceptionally large volume and the how the price reverses after going below 8.00. After a clean break above 8.35 , having a buy limit at that area can be a good bet.
Pin bar developing on the monthly time frame.
Price has fallen through prior month lows that could act as support. Price has since pulled back above support.
Looking for price to consolidate around current month high before establishing new uptrend.