August Soybeans is nearing S3 at 966'2 and almost depleted RSI. This will give us a double bottom and a Bull Butterfly. This market could jump up then continue down into the 954 area and 935, although 935 might be a long shot. We might get a W bottom or sideways channelling down here.
Note
Soybeans busted through R3 and headed for 956. This will take it to first tier support tracing back to August 16 of last year.Note
Correction from last comment it should have been S3 not R3. 956 becomes support. If breached Soybeans to 938Note
Soybeans falls further. Now heading for 938. If this is breached we may have a fall to 918Note
Wow, bean fall to 849'7. Looking for sidways moves here.
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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.