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Soybean Meal Futures ( ZM1! ), H4 Potential for Bullish MomentumTitle: Soybean Meal Futures ( ZM1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 441.4 Pivot: 404.5 Support: 418.8 Preferred case: The current bias for ZM1! on the H4 chart is bullish. To add to this bias, the price is currently trading above the Ichimoku cloud, indicating a bullish market. Overnight price had some bearish momentum, and it is currently trading at 1409.50. If the overall bullish momentum continues, price may head towards the resistance at 441.4, where the previous high and 100% Fibonacci line is located. Alternative scenario: Price may retrace downwards and head towards the 418.8 support level, where the 50% and 23.6% Fibonacci lines are located. Fundamentals: There are no major news.
CBOT:ZM1!Long
by Genesiv
Soybean Futures ( ZS1! ), H4 Potential for Bullish Momentum Title: Soybean Futures ( ZS1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 1484.50 Pivot: 1350.00 Support: 1375.75 Preferred case: The current bias for ZS1! on the H4 chart is bullish. To add to this bias, the price is currently trading above the Ichimoku cloud, indicating a bullish market. Price had some bullish momentum upwards toward the end of last week, and it is currently trading at 1409.50. If the bullish momentum continues, price may move towards the resistance at 1484.50, which contains the 23.6% and 78.6% Fibonacci lines. There is also a 61.8% Fibonacci projection line there too. Alternative scenario: Price may retrace downwards and head towards the 1375.75 support level, which is just below the 50% and 23.6% Fibonacci lines. Fundamentals: There are no major news.
CBOT:ZS1!Long
by Genesiv
Soybean Meal Futures ( ZM1! ), H4 Potential for Bullish MomentumTitle: Soybean Meal Futures ( ZM1! ), H4 Potential for Bullish Momentum Type: Bullish Momentum Resistance: 418.0 Pivot: 404.5 Support: 399.3 Preferred case: Looking at the H4 chart, the current overall bias for ZM1! is bullish . To add confluence to this bias, the price is currently above the Ichimoku cloud which indicates a bullish market. Overnight, price has continued bullish moving above the pivot level at 404.5 where the 0% Fibonacci line and 23.6% Fibonacci line are located. Expecting this bullish momentum to continue and for price to head towards the resistance line at 418.0 where the 50% and 23.6% Fibonacci lines are located. Alternative scenario: Price may head back down towards the Pivot level at 404.5 where the 0% Fibonacci line and 23.6% Fibonacci line are located. Fundamentals: There are no major news.
CBOT:ZM1!Long
by Genesiv
Soybean Meal Futures ( ZM1! ), H4 Potential for Bearish MomentumTitle: Soybean Meal Futures ( ZM1! ), H4 Potential for Bearish Momentum Type: Bearish Momentum Resistance: 404.7 Pivot: 392.0 Support: 399.3 Preferred case: Looking at the H4 chart, the current overall bias for ZM1! is bearish. To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. Overnight, price closed under the 1st resistance level at 404.7 where the 0% Fibonacci line and 23.6% Fibonacci line are located and tapped onto the 1st support at 399.3 before having a slight bounce. Expecting this bearish momentum to continue and for price to head towards the Pivot line at 392.0 where the 0% Fibonacci line and previous low is. Alternative scenario: Price may head back up above the 1st resistance at 404.7 and head towards the 2nd resistance at 418.0 where the 50% and 23.6% Fibonacci lines are located. Fundamentals: There are no major news.
CBOT:ZM1!Short
by Genesiv
Soybean Meal Futures ( ZM1! ), H4 Potential for Bearish MomentumTitle: Soybean Meal Futures ( ZM1! ), H4 Potential for Bearish Momentum Type: Bearish Momentum Resistance:418.0 Pivot: 392.0 Support: 404.7 Preferred case: Looking at the H4 chart, the current overall bias for ZM1! is bearish. To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. Price has reflected off the 1st resistance level at 418.0 where the 50% Fibonacci line and 23.6% Fibonacci line are located and looks to be retracing back down towards the 1st support at 404.7 where the 0% Fibonacci line and 23.6% Fibonacci line and previous swing low are located. Alternative scenario: Price may continue bullish and close above the 1st resistance level at 418.0 where the 50% Fibonacci line and 23.6% Fibonacci line are located Fundamentals: There are no major news.
CBOT:ZM1!Short
by Genesiv
Wheat Futures - ZW - Like Snakes in a CanSnakes in a can is not a great metaphor for food. Nonetheless, that's the pattern that seems to be developing on wheat futures. All know that the world's food crops are not in good shape. Massive drought tends to kill plants, which ruins harvests, which causes some obvious downside effects in economies. Each year in recent years, we're running out of supply until the next year's harvest arrives, which replenishes the silos, which means that you won't really feel the pain of a bad harvest until the following year. Yay for 2022, not so yay for 2023. 2024 is a dark horizon. On the monthly chart, Wheat ZW swept out the long-term 2008 high in March on the back of the Russian Federation invading Ukraine: It only swept the high, however, and has since corrected, hard. It's specifically notable that despite the massive dump, wheat did not take out the January pivot in either July, or in August's very gentle stop raid. In fact, wheat has spent the better part of two months ranging in this accumulation area, which is bad news for bears and good news for bulls. It's also notable that corn has already had a significant breakout that took out a previous month's high: Corn Futures ZC1 - Spooling Like a Turbo (Too bad I had my compass on backwards for that one and picked that it would go down before it would go up, when it just went up in a straight line. But hey, at least I drew my box in the right place -_-) Contracts of similar category tend to move in the same direction, but at different times, of each other. To be frank, I believe that this means wheat is all but guaranteed to set all new highs. However, it's a question of when. In reality, price is the easy part and time is the hard part. When it comes to "when," at least right now, you can tell from the pattern post-stop raid that we're ready to go somewhere, and that somewhere is probably up. In terms of between now and the end of September, I think that the most realistic targets are July's equal highs at ~845 and July's monthly high at ~940. I believe that a major commodities supercycle lies ahead. Something that will really be fun to trade but painful for reality. But I also believe that a big shakeout is imminent before we go there. For wheat, based on how its traded, this may mean it provides something of a shelter or a safe haven, running bull while many other things correct and dump. As the world gets crazy, keep in mind that no matter how the media and the government howls its narrative, the human race is still ultimately on a planet that orbits a sun and is positioned inside of a very, very, very immense Universe. The more immense the Universe, the less possible it is that we are either the only lives that exist or the highest lives that exist. That is how statistics and probabilities works. And I am not talking about such and such idea of aliens. I am talking about the idea of "Gods," which I do not regard as limited to the Marxist-smeared religious dogma of a giant old white man wearing a robe in the sky judging you when you swear or drink. Instead, to speak of Gods is to simply have a rational understanding about the structure of the Cosmos, its multitudinous dimensions, and those higher lives with power that occupy those dimensions and oversee this human stage during the end of a Cosmic Era. What I am getting at with the above, is that no matter how "chaotic" things get, the chaos is actually a manifest form of order. Things are happening for a reason, are planned both above and below in advance, and no matter how the Earth capsizes and the Sky falls, the tribulation provides an opportunity. The Divine is ultimately in control of where we are headed, and for good people, there is hope. So make sure you maintain your kindness, your conscience, your sense of justice, and your rationality. Do your best, and don't lose heart. In history, humanity's catastrophes, such as famines, have always had a target, and the target has almost never been people who are virtuous and are walking on the traditional path.
CBOT:ZW1!
by LordWrymouth
2
Soybeans Under Pressure Soybeans Technicals: Soybeans broke lower yesterday, trading right into our 3-star support pocket, 1673-1679 ½. The Bulls have been unable to defend that pocket in the overnight/early morning trade which could take us to our next and more significant support pocket, 1644 ¾-1650. This pocket represents previously important price points and the 100-day moving average. Previous support will now act as our pivot pocket that the Bulls want to get back out above to neutralize the technical damage, that is the pocket mentioned earlier, 1673-1679 ½. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1700 ½-1702**, 1720-1728*** Pivot: 1673-1679 ½ Support: 1644 ¾-1650****, 1613 ¾** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZSN2022
by OliverSloup_BlueLine
2
Soybean Futures Pullback Soybeans Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 4,217 futures/options through June 14th. This expands their net long to 163,146. Broken down that is 174,546 longs VS 11,400 shorts. Technicals: Soybeans are sharply lower to start the week, trading right near the 50-day oving average at the morning intermission, 1680 ¾. The market was lower than this earlier in morning, testing and holding our 3-stary support pocket, 1673-1679 ½. If the Bulls fail to defend this pocket on a closing basis, the 100-day moving average cannot be ruled out. That comes in at 1644 ¾. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1720-1728***, 1757 ½-1760**, 1775 ½-1784** Pivot: 1710 Support: 1673-1679 ½***, 1644 ¾-1650**** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZSN2022
by OliverSloup_BlueLine
Will Soybeans Stall Out Against Technical Resistance? Soybeans Fundamentals: This morning’s weekly export sales report showed net sales of 317,200 MT for 2021/2022 were down 26 percent from the previous week and 16 percent from the prior 4-week average. Net sales of 407,600 MT were reported for 2022/2023. Technicals: Soybeans are firm in the early morning trade, retracing the losses from the previous two sessions. Previous support is now resistance, the significant pocket comes in from 1720-1728. A breakout and close back above here could spark a run higher with new contract highs on the table. From the risk/reward perspective, this wouldn’t be a bad pocket for hedgers to consider selling. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1720-1728***, 1757 ½-1760**, 1775 ½-1784** Pivot: 1710 Support: 1690**, 1673-1679 ½*** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZSN2022
by OliverSloup_BlueLine
Soybeans Struggle to Hold Support Soybeans Technicals: July soybean futures broke and close below trendline support yesterday which opened the door for additional weakness in the overnight session. Futures have recovered some and trading near unchanged. Previous support is now resistance, we see that first hurdle coming in near 1710. On the support side of things, the 50-day moving average and low end of the range come in near 1675. If that support gives way, we could see the selling accelerate. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1720-1728***, 1757 ½-1760**, 1775 ½-1784** Pivot: 1710 Support: 1690**, 1673-1679 ½*** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZSN2022
by OliverSloup_BlueLine
Daily Soybean Market Update (6.14.22)Soybeans Fundamentals: Yesterday's weekly crop progress report showed the U.S. soybean crop is 88% planted, 70% emerged, and a Good/Excellent rating of 70%. There were no major surprises here. Yesterday's weekly export inspections report came in at 605,129 metric tons, well above the 365,455 last week and 141,320 we saw in the same week last year. Technicals: Soybean futures broke through support from 1720-1728, this will now act as resistance. A close back above here opens the door for a potential run back at the contract highs and above. There is some trendline support from May 17th-June 7th that is holding well over the past 24 hours. A break and close below here could spark a drop back below $17.00. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1757 ½-1760**, 1775 ½-1784** Pivot: 1720-1728 Support: 1690**, 1673-1679 ½*** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZSN2022
by OliverSloup_BlueLine
Soybeans Under Pressure to Start the WeekFundamentals: Soybeans are under pressure to start the week, along with many other commodities and markets as last week's outside market turmoil has poured into this week's trade. This afternoon's Crop Progress report is expected to show the U.S. soybean crop near 90% planted. Good/Excellent conditions are expected to come in near 70%. Last year at this time the crop was rated 62% G/E. Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 6,505 futures/options contracts, through June 7th. This shrinks their net long position to 153,654. Broken down, that is 168,458 longs VS 14,804 shorts. Technicals (July): July soybeans were weaker to round out the week, which gave back just a portion of the sharp rally that we saw on Thursday. 1750 is our pivot pocket, a close above or below here could set the tone for the next 25 cent move. On the resistance side, 1775-1784 is the objective for Bulls. A breakout above there puts the market back in uncharted territory which makes in extremely difficult to find high conviction resistance levels. $16.00 would be the next psychological barrier. On the support side of things, 1720-1728 is the pocket the Bulls want to defend. This pocket was previously resistance and will now act as support. If that gives way, it could spark long liquidation back below $17.00. Bias: Neutral/Bearish Previous Session Bias: Neutral Resistance: 1757 ½-1760**, 1775 ½-1784** Pivot: 1750 Support: 1720-1728***, 1690**, 1673-1679 ½*** Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CBOT:ZSN2022
by OliverSloup_BlueLine
Soybean Futures (ZS1!), H1 Potential for Bearish ContinuationType : Bearish Continuation Resistance: 1704'6 Pivot: 1687'6 Support : 1659'2 Preferred case: With price moving below the ichimoku cloud, we see a potential bearish continuation from our pivot level of 1687'6 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1659'2 which is in line with the horizontal swing low support. Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 1704'6 in line with 61.8% Fibonacci retracement and horizontal pullback resistance. Fundamentals: No major news.
CBOT:ZS1!Short
by Genesiv
Soybeans Future (ZS1!), H1 Bearish DropType: Bearish Drop Resistance : 1679'4 Pivot: 1667'4 Support : 1623'6 Preferred case: With price expected to reverse off the ichimoku resistance and the descending trend line, we see the potential for bearish drop from our Pivot level at 1667'4 in line 50% Fibonacci retracement towards our 1st support level at 1623'6 in line with the horizontal swing low support. Alternative scenario: If price breaks out, it can potentially move towards our 1st resistance level at 1679'4 which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance.
CBOT:ZS1!Short
by Genesiv
Soybean futures (ZS1!), H4 Potential for Bullish bounce!Type : Bullish bounce Resistance : 1687'6 Pivot: 1660'4 Support : 1646'6 Preferred case: With price expected to reverse off the stochastics support, we have a bullish bias that price will rise from our pivot at 660'4 in line with the 100% Fibonacci projection to our 1st resistance at 1687'6 in line with the horizontal pullback resistance and 50% Fibonacci retracement. Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1646'6 in line with the horizontal swing low support. Fundamentals: No major news
CBOT:ZS1!Long
by Genesiv
Soybean futures (ZS1!), H4 Potential for Bearish drop!Type : Bearish drop Resistance : 1759'2 Pivot: 1728'4 Support : 1637'4 Preferred case: With price expected to reverse off the stochastics resistance , we have a bearish bias that price will drop to our 1st support at 1637'4 in line with the horizontal swing low support and 100% Fibonacci projection from our pivot at 1728'4 in line with the 61.8% Fibonacci retracement. Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 1759'2 in line with the horizontal swing high resistance and 127% Fibonacci extension Fundamentals: No major news
CBOT:ZS1!Short
by Genesiv
Soybean futures (ZS1!), H4 Potential for Bearish drop!Type : Bearish drop Resistance : 1759'2 Pivot: 1728'4 Support : 1637'4 Preferred case: With price expected to reverse off the stochastics resistance , we have a bearish bias that price will drop to our 1st support at 1637'4 in line with the horizontal swing low support and 100% Fibonacci projection from our pivot at 1728'4 in line with the 61.8% Fibonacci retracement. Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 1759'2 in line with the horizontal swing high resistance and 127% Fibonacci extension Fundamentals: No major news.
CBOT:ZS1!Short
by Genesiv
Soybean futures (ZS1!), H4 Potential for Bullish Bounce!Type : Bullish bounce Resistance : 1728'6 Pivot: 1637'2 Support : 1583'2 Preferred case: With price expected to bounce off the horizontal swing low support and the support of the stochastics indicator, we have a bullish bias that price will rise to our 1st resistance at 1728'6 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement from our pivot at 1637'2 in line with the 50% Fibonacci retracement. Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1583'2 in line with the horizontal swing low support and 78.6% Fibonacci projection. Fundamentals: No major news.
CBOT:ZS1!Long
by Genesiv
Soybean futures (ZS1!), H4 Potential for Bullish Bounce!Type : Bullish bounce Resistance : 1757'4 Pivot: 1658'6 Support : 1583'2 Preferred case: With price moving above our ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1757'4 in line with the horizontal swing high resistance from our pivot at 1658'6 in line with the 50% Fibonacci retracement. Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1583'2 in line with the horizontal swing low support. Fundamentals: No major news.
CBOT:ZS1!Long
by Genesiv
SOYBEAN FUTURES (ZS1!), H4 Potential for Bullish Bounce!Type : Bullish bounce Resistance : 1751'4 Pivot: 1639'6 Support :1581'4 Preferred case: With price moving above the ichimoku cloud, we see the potential for a bounce from our Pivot at 1694'2 in line with 38.2% Fibonacci retracement towards our 1st resistance at 1757'4 in line with horizontal swing high resistance. Alternative scenario: Alternatively, price can potentially dip towards our 1st support at 1646'4 which is a graphical swing low and also in line with 78.6% Fibonacci retracement. Fundamentals: No major news.
CBOT:ZS1!Long
by Genesiv
SOYBEAN FUTURES (ZS1!), H4 Potential for Bullish Bounce!Type : Bullish bounce Resistance : 1751'64 Pivot: 1638'6 Support : 1581'4 Preferred case: With price moving above the ichimoku cloud, we see the potential for a bounce from our Pivot at 1639'6 in line with 50% Fibonacci retracement towards our 1st resistance at 1751'4 in line with horizontal swing high resistance. Alternative scenario: Alternatively, price can potentially dip towards our 1st support at 1581'4 which is a graphical swing low and also in line with 61.8% Fibonacci retracement. Fundamentals: No major news.
CBOT:ZS1!Long
by Genesiv
1
Soy Beans Futures (ZS1!), H4 Bullish Continuation.On the H4 chart, price is near our pivot of 1651'2 in line with horizontal overlap support and 38.2% Fibonacci retracement. Price can potentially rise to our 1st resistance level at 1739'0 in line with the horizontal swing high resistance. Alternatively, price may head to our 1st support at 1582'6 in line with the 61.8% Fibonacci retracement level. Our bullsh bias is supported by how price is moving above the ichimoku cloud. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
CBOT:ZS1!Long
by Genesiv