Soybean Meal /ZM possiblity of entering textbook resistanceThis could be possibly the easiest short out there on the futures markets. This resistance area at 340 was tested as support numerous times and held until September. It has yet to be tested as resistance. Usually the first touch of support-turned-resistance holds very strongly as multiple traders will be looking at the same area to enter short.
Target is a significant move lower from this area, that could change of course depending on the price action following an entry of the trade. Stop is simply above the resistance area. The risk/reward for this trade is phenomenal due to how clean the resistance is.
