An ending diagonal is likely currently developing. #contengconteng #zl #soybeanoil
Ratio FCPO (USD) / Soybean Oil (USD) at lower range
Will look for bullish reversal candle at one of the green boxes or at 38.2% / 50% / 61.8% retracement level at Daily or 4H time frame.
Look for main levels to be breached. targets as per chart
Both TP = 30.14 and 29.44 hit as the previous bearish Channel aggressively broke earlier and met the targets much earlier than I expected. Soybean Oil has now entered a new Channel Down on 1D, which is coming off a Lower High (hence Highs/Lows = 0, RSI = 51.334). We now need to wait for confirmation from the two break-out points (illustrated by the circles). If...
It is already 10 years since commodities super cycle took commodity markets to the all time high and soybean oil (ZL) market has been in the corrective period ever since. In a monthly chart, we could see that the correction of larger degree takes in the form of flat correction (3-3-5). As far as supply and demand (SnD) is concerned, there are 2 demand zones of...
Nothing too complicated here. The price is on a 1W Channel Down with a soft Resistance (Lower High on the 1D Channel Down) at 31.04 after having made a Lower High (hard resistance) at 32.04. Our medium term targets are 30.14 and 29.44.
BO1! is in correction wave mode. Should be going down. Any retracement to significant resistance level is an opportunity to sell. Feel free to comment if you have different wave count than mine. Thanks.
BULLISH BUTTERFLY TGS 32.90 AND/OR 33.82
Saw a double bottom and got the indicator confirmation. Long with stops at break even
PM's Crush Spread (+1 ZS Soybeans, -1 ZL oil -1 ZM meal to sell this spread). September 2017 futures contracts. This chart is weighted by Market value of each contract (the y scale shows profit / loss per 1 lot). 1. Seasonable window for lower prices in this spread from end of May until end of June. 2. RSI Divergence.
Look forward for gain starts in early April
soybean oil-day-rsi-green_short-red_long
This market has broke the trendline and below the H&S neckline (which coincides with a key zone). It may be re-testing the neckline and key zone. Looking to short below 33.30.
Soybean Oil is breaking out to the upside... Credit to Peter L Brandt & Factor Trading for bringing it to my attention! Trailing stop 3.5x ATR.