Primary Trend: Consolidation ( Weekly)
Resistance Zone = 4500-4200
Support Zone = 3700-3300
Short term Trend: slightly Bullish
Remarks:
• Reversal head and shoulder pattern on daily chart, TP will be within weekly resistance zone.
• RSI trading above daily DMZ(60-40)
• Daily Trading above 20 and 50 MA, nearing 100 EMA
• End of week open interest : 204192 with 50175 contracts on January,2023
Weekly Global Production data/news (Sources : TRADINGECONOMICS.COM)
• Oil prices were little changed this week, as hopes of higher Chinese demand and output cuts by OPEC+ offset lingering fears about a potential global recession-driven demand downturn. OPEC and its allies, including Russia, agreed to cut production by 2 million barrels per day in November.A looming European Union ban on Russian crude also exacerbated concerns about tight supplies.
• Chicago soybean have been trading below $14 per bushel for the past three weeks, hovering close to the two-month low of $13.6 hit on October 6th as fast progress in the US harvest signaled a strong supply to replenish inventories.
25/10/2022 Trading Plan,
• Long
o if breakout above the 1H consolidation zone,TP:4260 SL:4160
o sign of any price rejection on the support zone, TP1:4170, TP2:4240. SL: 4060
• Short if breakdown support zone, TP1: 4040, TP2:3980. SL:4095
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market.
Resistance Zone = 4500-4200
Support Zone = 3700-3300
Short term Trend: slightly Bullish
Remarks:
• Reversal head and shoulder pattern on daily chart, TP will be within weekly resistance zone.
• RSI trading above daily DMZ(60-40)
• Daily Trading above 20 and 50 MA, nearing 100 EMA
• End of week open interest : 204192 with 50175 contracts on January,2023
Weekly Global Production data/news (Sources : TRADINGECONOMICS.COM)
• Oil prices were little changed this week, as hopes of higher Chinese demand and output cuts by OPEC+ offset lingering fears about a potential global recession-driven demand downturn. OPEC and its allies, including Russia, agreed to cut production by 2 million barrels per day in November.A looming European Union ban on Russian crude also exacerbated concerns about tight supplies.
• Chicago soybean have been trading below $14 per bushel for the past three weeks, hovering close to the two-month low of $13.6 hit on October 6th as fast progress in the US harvest signaled a strong supply to replenish inventories.
25/10/2022 Trading Plan,
• Long
o if breakout above the 1H consolidation zone,TP:4260 SL:4160
o sign of any price rejection on the support zone, TP1:4170, TP2:4240. SL: 4060
• Short if breakdown support zone, TP1: 4040, TP2:3980. SL:4095
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market.
Trade closed: target reached
hit TP
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.
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.