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15% to 30% Upside Ahead for Soybean Meal (Divergence Strategy)Soybean Meal recently confirmed the monthly bullish divergence with Septembers candle close. This is a significant signal that prudent traders should pay close attention to. What this signal implies is that there is a minimum 15% move to the upside from current price ahead for Soybean Meal. The high end target is a 30% upside move. This does not mean this market is going to go straight up from here. In my opinion, dips are for buying in the Soybean Meal market until we reach these upside targets. Have a great week.
CBOT:ZM1!Long
by Tradius_Trades
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 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
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: 392.0 Support: 404.7 Preferred case: The current overall bias for ZM1! is bearish, according to the H4 chart. To add to this bias, the price is currently below the Ichimoku cloud, indicating a bearish market. However, price has been rising bullishly upwards since the 7th of October, with price touching the first resistance line at 418.0, where the 50% and 23.6% Fibonacci lines lie. If the bullish trend continues, price will break above the first resistance line and continue to rise. Alternative scenario: Price may retrace back down towards the 1st support at 404.7 where the previous low and 23.6% Fibonacci line is. Fundamentals: There are no major news.
CBOT:ZM1!Long
by Genesiv
ZM - Focus on the MomentumLook at that long, steady rise in RSI. We'll be triple-topping soon and I don't expect it to pullback and retest after it pops above $516 - next stop 525-530. If price breaks above $530, expect price action to go full parabolic similar to September 23. Sellers will be quick to jettison the second any weakness appears on the 2-min charts. Once RSI breaks above 70 watch for increase volume from scalpers looking for a quick rise. If you step back and look the volume profile of this stock, it's getting pretty top heavy and ripe for a major correction (5-8% in a single day). That said, short of a headline saying that a definitive covid-19 vaccine will be available shortly to all Americans, I don't see the momentum drive of this stock fading anytime soon. I suspect will breakdown to $496 again at some point and reboot consolidation between $505 and $518. That's my short and long-term forecast. Bullish until we go butter knife parabolic. Bearish from breakdown to $496.
NASDAQ:ZMLong
by SLOPolarBear
6
Long on ZM1! (Soybean Meal Futures): My 5 Reasons to TradeHere's my idea to go long on ZM1!. This is a 4-hour chart. First, I always need 4 independent reasons to take a trade. They are as follows ... 1. Location - Is the price in the correct location? In general, I price must be in the bottom of a range for a long, and at the top of a range for a short. 2. Market Structure - Is there a double bottom with a breakout? I need to see a 'W' like structure in price. 3. Momentum - Is there a divergence in MACD? This is one sign that a reversal in trend is around the corner. 4. Volume - This is paramount. I need to see a bullish trend in volume if I am going long, and vice versa for short positions. And when I am trading commodities, I need a 5th reason - the CoT (Commitment of Traders) report. In short, I need to see signs that institutions (large speculators) are going long when I am thinking long and going short when I am thinking short. So, do we have our 5 reasons for ZM1!? Let see ... We have ... 1. Location: We are in a reload zome (between 0.618 and 0.786). In other words, we are near the bottom of a range 2. Market Structure: We see a double bottom with a breakout 3. Momentum: We have MACD divergence. That's it. What are we missing in? Volume: Let's wait until the volume make a 'W' on the other side of the red trendline. CoT Report: Let's wait until we see a sign of large speculators (red line) loading up on long contracts. For this, I'd like to see further stair-stepping action. Now, I only take trades where the minimum reward-to-risk ratio is 2:1. The 'W' gives us a nice framework for when to exit (stop loss) our trade. I am risking to the lower leg of the 'W'. For our target profit, I just extend the R/R tool so 2:1 and see if that is a reasonable area to expect the price to go. Is it reasonable, in this case? 2:1 profit takes us to : - A cluster of support and resistance - Middle of the Volume Profile These are two areas are where price often settles too ... so we're good for our target :) That's it. We have 3 of our 5 reasons. Let's wait for the other 2 to come in, and then it'd make sense to go long.
CBOT:ZM1!Long
by realcapmillen