SOYBEANS watch for a buy.Hi traders,
Soybeans look good for a buy. Price is at major technical level, and watching for a buy is likely a very good idea.
Best regards,
Tom_Killick
SJC1! trade ideas
Potential Bullish Shark for BeansUSDA report put Beans lower Friday. Be alert for spring and summer rallies, which have occurred in the previous two years. Next downside for Beans is a retest of 947.
Soybeans Doji Series with HaramiMay Soybeans has formed a series of long legged dojis at the end of a completed bullish Butterfly that are rising. This could be a rising flag that will create further downside selling, or turn to and upward movement. Waiting for confirmation. Open Interest is slowly rolling suggesting a turn, and RSI is very bearish. Today marked a harami reversal pattern. We are forecasting a Gartley as next pattern to resistance at 1036
Soybean Meal Gartley Almost CompleteMay Soybean Meal Gartley pattern almost complete, but may turn into a Bullish Butterfly. We may see a pause at 78.6 before trending lower depending on how fast Brazil can take off their large crop, and what the feelings are of traders. Major support for butterfly comes in at 313.7. Gartley comes in at 322.7
Soybeans Butterfly MetMay Soybeans fell off of bearish flag and has made the minimal completion of 127% perfectly. May see some choppiness for upside potential. Upside target 1029'2 38.2% FIB. Market may still fall into the extension. Looking for confirmation.
Soybeans downward plungeUSDA was not kind to beans. Now projecting bullish butterfly. Might get a bearish flag on Monday, but wouldn't be surprised to see further downward momentum. Friday left a spinning top. RSI is getting very oversold, but could get even more oversold before turn around. Major resistance coming at 992 and next price target.
Soybean Meal Sold off Bearish FlagJune Soybean Meal finally sold off the bearish flag today moving closer to finalizing Gartley pattern as minimal position.
Soybean LowerUSDA report sends Soybeans lower. Projecting fall to 98 area to setup a bullish butterfly, with the possibility to sink to 957.
cbot soybeans weeklyThe weekly continuation chart shows a very interesting picture with a long term resistance trend line that has its start at around 1765 in September 2012 when the bear market started and that descends via the 1500/1530 region during April/June 2014 to the 1185 level during June 2016. This line is significant because of the long period of time that is exists although the amount of times that it actually offered resistance to price is rather limited. There is a shorter resistance trend line that starts in June 2016 at 1185 and that leads to the 1170 level in January and February 2017.
Between these two lines we have coloured a red triangle which is representing a strong resistance to price and which is found between, roughly, 1060 and 1085 during the coming week and of which the values gradually decline.
The supportive forces on the chart are found in a trend line (displayed bold and in dash) that starts at around 855 during late February 2016 and leads up via the 935 level during September/October 2016. There is a shorter supportive trend line that starts at 935 in September 2016 and goes up via 990 during January 2017 and 1015 during last week.
Between these two supportive lines we have coloured a green triangle which is representing a strong support to price and which is found between, roughly, 1000 and 1020 during the coming week. Hence, price currently finds itself between the proverbial ‘rock and a hard place’ and has to break either the, roughly 1070 resistance and the, roughly, 1015 support. We expect price to bounce a bit further between the two during the coming 1 to 2 weeks after which the pressure will have become too high which will result in a volatile outbreak either way.
Taking the daily chart as well as the EW counting (not displayed) into account we have a slight preference for a solid move to the upside from here although we will need to wait for a confirmation from price after it broke through its resistance convincingly.
CBoT soybeansThe daily MAY17 chart shows that price of the May contract has been gradually moving up within the parallel lines of an ascending price channel that started during July/August 2016 and which took price up with the relevant supports and resistances.
This chart clearly shows that price is moving in a short term uptrend with a long term downtrend. In other words: price is making a corrective move up within its long term bear move. With all the supportive spots on the lower boundary line of the price channel we have to assume that price will make a move up from here, same unless the contrary is proven.
The EW count (not included in the chart) suggests that a wave 2 of (3) is complete and that we are now in a wave 3 of (3) which should take price initially to the upper boundary of the ascending price channel. We need to see confirmation of that during the coming week by price breaking the 1056 level to the upside after which we need to see the 1075 level broken to the upside so price still has quite some work to do before we can be certain of a solid move to the upside indeed but the picture favours the upside over the downside.
A break below 1001 (marked with a green 1) would make us decide to abandon the favourable odds for a move to the upside. After price has broken the 1056 resistance to the upside we will trail our pivotal support to 1017 (marked with a green 2) and after price has broken the 1075 to the upside we will trail our pivotal support to 1028 (marked with a green 3).
Soybean Meal Bearish FlagSoybean Meal is showing a bearish flag. Looking to see if the flag is compromised above 340 to sell to 329.6
Soybean New ProjectionMay Soybeans fell further and broke trend. Gartley pattern fell too. Now into a bullish butterfly. Large Soybean supplies will continue to pressure this market down. Look for profit taking and reversals soon. A few levels of support exist at 1011, 1002 and 992.
Soybeans closing in on bullish GartleyMay Soybeans is closing in on the final steps for a bullish Gartley. Support is at 1036. Price action could push this lower to trend line. 20 day moving average has rolled bearish. Brazil crop 25% in and sees this crop big. Look for USDA speech on Thursday for 2016 numbers and 2017 projections.
Soybeans Bullish Gartley PatternSoybeans bullish Gartley was adjusted up after making a top on Monday. Higher price was rejected Wednesday. How far this falls is conducive on Soybean sales and the crop being taken off in South America. 1036 would be a good area. Open Interest is rising supporting fall.
"Brazil is harvesting a big crop but rain the next few days could slow that process. USDA expects a 104.1 million metric ton harvest there, but private forecasts are larger with some at 105 million."
SX 2/14/17Currently at a pivot spot. 1028 to downside if it doesn't hold. 1080 upside if catches a bid but I'd say is the more unlikely situation.
SOYBEANS watch for a buy.Hi guys,
The ZS1! soybeans looks good for a buy. Lots of technicals supporting upmove. A breakout would confirm nice upside. Use your tested trading strategy to trade this move, if you don't know where to enter and exit this trade, you are NOT ready to trade live funds.
All the best,
Tom
SoybeansMay Soybeans rose out of a tweezer candlestick reversal today. May see another up day tomorrow. Seeing that beans are pressured by Brazil harvest, we consider this a retracement and fall into bullish Butterfly. Suggest 50% or 61.8% next target. However, open interest is still rising and we are still in an uptrend. If market continues up, possible double top.
SoybeansMay Soybeans has rebounded slightly off of the 20 day moving average. A bullish flag is still intact. Will South American beans be a factor in an upsurge for this market. Time will tell. Friday didn't quite produce a "Harami" reversal pattern. The real body of the candle wasn't fully in the down candle. However, we still may see an up day tonight and into the next day. The coming week maybe a buying opportunity.
SoybeansMay Soybeans continue a bullish flag, however there could be an interpretation that 3 black crows have appeared in this flag promising more downside. There is suggestion from fundamentalists that the crop in Brazil and Argentina is now being harvested and may slow this bull run, so be cautious. A Gartley pattern would end just where the market is right now.
Soybean MealApril Soybean Meal is bullish flagging as well. Sticks are on the high side of the channel. Look for break up in the next day or two. Potential run up to 380 Butterfly. This market opposed to the Soybean market is more overbought, however this hasn't affected these markets. Be cautious.
SoybeanThere are strong flag signals in a lot of markets for the coming week. May Soybean is creating a bullish flag. Tails on candlesticks are rejecting lows. Look for this market to go up either Monday or Tuesday. Support at 1069
SoybeansMarch Soybeans were up again today, but traded back. Possible pause before heading higher to complete the Cypher pattern. See 1030 as support and the 20 day moving average at 1025'4. Headwinds will come in at 1071'6 the last top.
