Soybean Oil Reverses Bearish Cypher
Updated
BO has moved lower today eyeing the 20 day MA and pivot at 28.52. RSI falling and Stochastic RSI has crossed over from high levels. If pivot holds increase move up to 29.95. Move under the 20 day MA and pivot would possibly send markets to S1 at 27.63. Overall market is in a downtrend.
Note
Looks like Bean Oil is locked between R2 at 29.95 and pivot at 28.52. Might be trying to do a three drives. Bean Oil has created a double top Monday. Pivot needs to break and stay under if it crashes back to S2 at 27.09Note
Bean Oil continues to map out three drivesNote
Bean Oil continues to drop headed for S1 at 27.63Note
Another bear flag for bean oil this morning.
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.