Soybean MealMay Soybean Meal also has a bullish flag. Next target for bulls is 360. As stated in my Soybean comments, Brazil and Argentina are harvesting so this price action may be under duress. Gartley pattern has completed.
ZM1! trade ideas
Soybean MealMarch Soybean Meal up sharply on USDA report. Next target for bulls is the top of previous high at 331.6
March Soybean MealSoybean Meal saw a little gain today. The candle created did not reach 50% of the previous day candle. There is a downtrending wedge here that has been indicating further downside, but bulls have supported this market and Soybeans for quite a while. We are all waiting for the Thursday USDA numbers. There are two patterns overlapped here, both indicating a bullish setup. Unfortunately it will take a lot to make this market go lower before Thursday. More chop ahead.
March Soybean MealMarch Soybean Meal is wedging down and looking to complete an bullish Cypher pattern that has been going on for quite a while. Don't be surprised if Monday is another up day followed by more chop. If bears can push it lower, look for 304.2 as a target.
CBoT soyamealSoyameal:
Soyameal price has not been following our preferred route on the chart and price has been taking out some very important supportive levels lately. The bottom of the story is the same as with soybeans but with the values of the soymeal contract. For now we look for price to drop another 3-5% during the come 1 to 2 weeks after which we will see whether we can try to name a tradable bottom again or whether we should start considering an alternative scenario. Pivotal resistance is at 324 basis the March contract.
CBoT SoyamealSoyameal:
Price has developed an ascending channel during the past months with higher highs and higher lows that look quite similar to the soybean picture. Like in the soybean chart, the EW current EW count suggests that price is in the start of its 3 of 3 wave which should lead the price to substantial higher levels from here which could easily add 30% to today's value before the spring starts. Price is likely to continue trading up from here but could, under lead of the soybean price make on more dip as well. We keep 309/308 as the point where we will reconsider our bull scenario. We consider the 350 level as our first target during the first half of January after which price can make a corrective move down before it continues trading up.
January Soybean Meal Wedging upJan 2017 Soybean Meal is creating a wedge up scenario but also locked in a price channel. Look for more upside to complete Butterfly Pattern. There is also a possible double top rejection happening here from price action back in Oct 27 & 28, and seasonal trends show futures starting to slide lower most years.
CBoT SoyamealSoyameal:
Price advanced further during the past week and broke up through our pivotal resistance level. Stops were hit and short traders are now sidelined.
We now anticipate that price will probably trade further up during the coming 2 weeks or so to reach the 345 zone from where it will probably still make one run down. Breaking further up and trading higher than 345 will probably mean that a long term bottom has been put on the chart.
We are going to step back in order to have a distanced look at this market for some time.
CBoT soyameal still a short but no margin at the upside Soyameal:
Further sideways move during the week with only exception during Thursday's session when price spiked up and actually penetrated the most recent high at 310.90 which was not what we were looking for. The pull back that followed indicated that is could have been a bull-trap but it could also be that we have to reconsider our bear scenario. A close above the 312 during one of the sessions during the coming week will hit our stop level and will probably be the bode that price wants to trade up to 325/330 from here.
For now our bear bias remains unchanged but there is no more margin to the upside.
CBoT soyameal short remains in force but stops are tightened Soyameal:
Basically a non-event again during the past week with, indeed, one more test of the 295 region after which price bounced up again. We keep our bias unchanged to the downside but stops should be tightened. A quick look at the Bollinger Band (not displayed on the chart) shows that the BB has been contracting considerably during the recent past which is a bode that a violent move is coming the market. We still expect same move to be to the downside but since there are no guarantees offered in TA it is a wise policy to tighten the stops (and to take some long straddles).
CBoT soyameal remains a short playSoyameal:
Price has been trading in a sideways moving channel between 310 on the upside and 295 on the downside for 12 sessions now and seems to be stuck between these two levels. As far as we are concerned we can bounce one more time to the upside of the sideward moving channel during next week after which we still expect it to break down decisively through its 295 supportive level and to start trading for much lower values.
CBoT soyameal still bearishSoyameal:
Price has been moving mostly sideways during the week while making a new recent low during Tuesday's session. There is really nothing much to add to our views and expectations as already put down during the past weeks. We maintain our bear scenario for this price which much lower values to be traded in future.
CBoT soyameal unchanged shortSoyameal:
Price gave us an exciting session during last Friday finally when it broke its recent low at the 304 level which, apparently, was not easy nut to crack. Still, the move of last Friday was rather impulsive and the route is now free to trade to the 285/280 zone by the first week of October. We keep our mid/long term bias unchanged to the downside and expect acceleration of the decline form here and now.
CBoT soyameal remains a short play for nowSoyameal:
Price did make an impulsive move to the downside early in the week as expected and moved sideways during the Wednesday session and the Thursday session. Same pattern made us expect that price would continue its move down from last Friday or next Monday onward but price made an impulsive move up instead. It could be that the corrective move up has already started which we will know if the recent high of 321.1 would be broken to the upside. In that case we will see further advance of price to 300 or more after which a reversal back is to be expected again. Our overall outlook for the mid term does not change and we keep our price target at much lower levels but it could be that our timing needs reconsideration.
CBoT Soyameal continued shortSoyameal:
No new input to be seen on this chart from last week and we have left the chart unchanged. We anticipate further decline in price during September.
CBoT soyameal unchanged shortSoyameal:
Nothing much new to add to the picture of this chart for now and we keep our bias unchanged for lower values. During last Thursday's session price broke its recent 321.20 low which was confirmed during the session of last Friday and the way is now open for price to trade toward the next recent low at around the 280 level that we expect to reach during the first half of September. After this we will most probably trail the target down but we first want to see what the coming 2 weeks will bring us.
CBoT soyameal remains a short playSoyameal:
Price has been moving sideways more than anything else during the past week and reversed on Tuesday after an initial and minor swing up. Thus far price is following our preferred path reasonably well and we keep our target on lower levels and have even trailed down same target to the 285/275 level after which we expect even lower levels from there. No changes in our expectations except a further trailed target than before.
CBoT soyameal worth a short playSoyameal:
The pattern and chart of this price shows quite some resemblance to that of the soybeans price with a far from perfect 'bear-flag-pattern' and a still preferred part to the downside. We keep our focus unchanged to the downside and have trailed our critical resistance level down to the 350/355 zone where. if broken to the upside, we will reconsider our bias. We could see a possible swing up from here during the coming week but our target remains unchanged 290/300 which is some 10% lower than current values.
CBoT soyamealSoyameal:
Nothing much new on this chart and price is following the preferred path of our bear-flag pattern reasonably well. We anticipate further decline from here although price could make a furthers wing up for a couple of days. We will start reconsidering our bear bias if and when the 370/375 level would be broken to the upside but until then we keep our views to the downside.
Soyameal long play failed Soyameal:
Similar to the soybean chart the price in soyameal failed to make a decisive reversal during the first 2 sessions of the week which made us abandon the bull scenario and start looking for further decline of the price to the 300 level during the rest of August. If and when price would break the 370/372 level to the upside we would start considering our previous bull scenario again. Price will probably trade a bit further up during the coming week to the 360 level but we expect it to reverse again and resume its move to the downside by the end of the coming week or possibly early during the week after that in order to complete a 10-15% decline in value.
CBoT soyameal long ply with tight stopSoyameal:
Price has arrive at our target ahead of time and drew a beauty of a 'hammer' on the chart. A 'hammer' is a very reliable bode that the end of the downmove is imminent but it needs confirmation. We need this price to reverse here and now as per our earlier set scenario and we feel safe with a long play at the opening tonight although a tight stop is required. There is a 25/35% upswing potential in this chart. However, we need to see the reversal on Monday/Tuesday and need to stop out a a lower low.
CBoT soyameal waiting for the long entry levelSoyameal:
Price is showing an equal pattern as the soybean price and we are still waiting for the 345 region to be touched in order to consider a long play from there. Nothing else to do than keeping the disciplined patience.
CBoT SoybeanmealSoybeanmeal:
Price opened the week with a gap down and lost almost 10% in three sessions after which it recovered a bit on Friday but only after putting a new recent low of the week on the cart. Our expectation that price would first make one more move up did not materialize so no short play opportunity could be made use of. The waiting now is for the 345 level later this month to see whether we can entertain a long play from there.
