Soybean Oil Setting up for Bullish Channel
Updated
Bean oil looks as through it is setting up for a nice bullish channel.
A bounce off of the support near 35.08 will confirm its validity and will be a chance to enter long.
A second bullish confirmation will be a move above the 21 day Moving Average
A breakout to the downside will void the idea and the chart will be reassessed.
Would like to see the price challenge the dec high near 38.20, and then head even higher to challenge the top side of the channel.
We will see where bean oil takes us. Trade at your own risk.
Happy Trading!
A bounce off of the support near 35.08 will confirm its validity and will be a chance to enter long.
A second bullish confirmation will be a move above the 21 day Moving Average
A breakout to the downside will void the idea and the chart will be reassessed.
Would like to see the price challenge the dec high near 38.20, and then head even higher to challenge the top side of the channel.
We will see where bean oil takes us. Trade at your own risk.
Happy Trading!
Comment
bean oil has hit the support, we will look for a move upward here in the next couple of days.If bullish movement is confirmed tomorrow, will enter into long.
Comment
idea voided, support broke to the downside.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.