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Soybeanoil

Soybean Oil still looking bullishSoybean oil is still looking bullish on both the daily and weekly charts. The 4H chart has its ADX drop to 20 with both +/-DMI below it so some period of price consolidation is expected. However, the last time this type of consolidation happened on 4H chart, there was a big move up on the breakout. With the daily and weekly ADX both looking bullish (ADX above 20 and +DMI on top of -DMI), I'm looking for a similar move. Watching the ADX on 4H along with price to see what type of pattern forms during this phase and looking to go long on breakout to upside. For weekly chart to continue to look positive, I'm thinking that price should move up near end of week.
B
by mxb1961
Soybean Oil price consolidating short termSoybean Oil looks like it is consolidating price short term as the ADX has dropped below 20 on 4H chart. However, the monthly, weekly, and daily charts look bullish. Once price breaks out of the consolidation on 4H chart, I'm looking for it to move higher. The daily and weekly charts have price moving up over the 9/20/50 period EMA with monthly looking like it could follow. Close attention should be paid to the 4H chart to see how ADX behaves and if the +DMI pulls through -DMI if price begins to move up and pull ADX up with it.
BLong
by mxb1961
Soybean Oil providing opportunity to enter up moveThe up move that has begun in Soybean Oil has paused briefly giving an opportunity to get in to upside. Both the weekly and daily chart are bullish while the 4H and 1H look to be completing a corrective move. On the Daily chart, a green bar close above the current red retrace line should signal that the up trend is continuing. On the 4H and 1H chart, a more aggressive position may be taken when the ADX on both turn positive with the +DMI moving above -DMI and up through 20 along with an up move in price. This should coincide with other indicators (slow stoch, TSI and RSI) turning positive.
BLong
by mxb1961