ZS1! trade ideas
Soybeans running out of RSI - Bull ButterflyAugust Soybeans is nearing S3 at 966'2 and almost depleted RSI. This will give us a double bottom and a Bull Butterfly. This market could jump up then continue down into the 954 area and 935, although 935 might be a long shot. We might get a W bottom or sideways channelling down here.
SOYBEAN Buy IdeaSOYBEAN Buy Idea @Weekly Demand Zone (984.0 - 967.6)
Buy Limit: 984.5
Stop Loss: 967.0
Take Profit: 1035.0
Soybean Meal Head and ShouldersSeptember Soybean Meal has created an H&S. Market is now at the neckline and waiting to see if it breaks. Minimal drop would be to S2 at 364.3. Minimal shoulder height would put it at S3 at 353.5. Large sells for this formation came in at the 20 day MA at 378.1. There is also a support line coming in at 357 so this may be a launching area for an upward move. The other issue is an RSI support line that is almost reached. This tracks back several months. To make this H&S successful that line will have to be breached.
Long Soybean-Wheat spreadPseudo swing trade with good potential up, waiting for my target to be reached then I'll get out.
Soybean ideaLooking for buys between 50% (weekly) and 200% of double top but wait for confirmation is recommended
July Soybean Bullish BatWith all these Gartley patterns it's nice that we have a different setup on Soybeans. A bullish Bat may be in store for Soybeans. We are nearing a 20 day MA cross over. Again like Corn, Soybean Meal, Soybeans may use 20 day MA as support for another run up. We are watching breach of downtrend line for RSI.
May Soybean Head and ShouldersNew pivots for May Soybeans are in. Last shoulder has been created. Heavy buying on Thursday created right shoulder and reversal selling is pushing beans to cross the 20 day moving average. If this H&S pans out, minimal shoulder comes out at S3 at 972'2. Initial target is neckline at around S1 at 1017'1.
SOYBEAN FUTURES Buy ideaSOYBEAN FUTURES Buy idea @Demand ZOne 995.4 - 967.6
Buy Limit: 995.4
Stop Loss: 967.6
Take Profit: 1037
Long SoybeansLong on soybeans already. Price and targets on the chart.
Patterns, volume seasonality. Drought in Argentina (supply shortage).
Tight stops.
Cheers.
Soybean Head and ShouldersMay Soybean last shoulder in place. Shooting star doji today rejecting higher prices may be indicating a fall is imminent. RSI trending down. Downside target S1 at 1001'1. Beans are under the 20 day MA and using it as resistance. Minimum shoulder height takes us to 1010.
Soybeans Calling BIG down day today for beans. Looks like a weak Argentina crop cant compete with a +500bu carryout in the US. And talk of farmers increasing acres... How is the thought of that going to help things.
This tariff talk... Not going to be friendly in regards to US exports to china.
And about those technicals...
I mean come on. This market was OVERBOUGHT. end of story.
I think this one is a near term short play. Momentum is headed down. Get out of the way and catch a ride down the hill. New support will be found or it will head all the way down to the lower parallel.
I mean yes, large specs are still long overall, and this thing could get choppy with another super dry forecast over the weekend. Buuuuut too many bearish indicators in this one telling us its due for a little beating.
How much lower could we go? That is the magic question my friend. But for now, sure feels like some short term profit potential is calling.
We will see how this plays out...
Soybeans ZSN2018 trend analysisMassive H&S structure goes on. Look forward for HS continuation with further downside below 1000.
May Soybeans Elliot WaveSoybeans creating Elliot Wave. Upside target 1040. Initial target 1025 at R2.
March Soybean Bearish BatSoybeans rising off of RSI low and previous bullish Gartley. Next projection Bearish Bat. R1 should take us to RSI top, but not necessarily full RSI overbought territory. Next upside target 981 at pivot. We are also nearing 20 day moving average break.
Soybean Oil Bearish CypherMarch Soybean Oil creating a bearish Cypher. Next upside target for bulls is breaking R1 at 34 and climbing to R2 at 34.41. BO has been averaging below R3 and not eclipsing, so this is why I believe Cypher is in the offing.
Soybean Meal Bearish Bat Three DrivesMarch Soybean Meal fell off of a Bearish Butterfly last week. Possibly entering a three drives bullish pattern. Soybean Meal and Beans have been operating on sales alone for bullish moves. Has reached bullish support for volume. Next downside target is Pivot at 326.6
