Bearish Bean Oil Channel Close to Resistance Simple trade strategy, DEC Bean Oil has been in a bearish channel for a while now. Price is close to reaching resistance. I think its a decent long play (possibly short term) until resistance is hit, then look for direction:
1. If breakout, buy signal
2. If resistance holds, sell signal
(The Stoch RSI seem to look very overbought to me. I could see the commodity staying overbought until the price is close to the resistance, and then selling off)
Again, this is a simple strategy with not much depth behind it. The channel is clearly a valid one, and could provide traders with a good indication of price movement.
Opinions and Ideas are my own, Happy trading!