Soybeanmeal:
Price develops very similar to the soybean price. Price reached the lower end of a very steep and rather narrow ascending price channel and bounced up during Friday's session. The candle to the day was a Bullish Engulfing candle which is a reliable reversal pattern. We are looking for price to move up during the coming 5-10 sessions to the upper boundary of the price channel from where a short play can be considered.
Price develops very similar to the soybean price. Price reached the lower end of a very steep and rather narrow ascending price channel and bounced up during Friday's session. The candle to the day was a Bullish Engulfing candle which is a reliable reversal pattern. We are looking for price to move up during the coming 5-10 sessions to the upper boundary of the price channel from where a short play can be considered.
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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.