Soybean Meal Futures has closed below 60 RSI
Updated
- The RSI shown on the Soybean Meal Futures chart has closed below 60, and there was a large bear outside candle formation to complement the move down. Additionally, this is the first retracement within the trend.
Since the heaviest volumes are above the current price, I anticipate there will be a retracement into the untested supply zone and then trend continuation.
Based on the Renko bar chart (shown as a candlestick chart above), the price has yet to infiltrate the demand area on the chart.
Comment
As it was pointed out to me, the stop loss marker is incorrect. That marker was meant to be a "target" symbol rather than a stop loss. Thank you for the correction...you know who you are!
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