Soybean LowerUSDA report sends Soybeans lower. Projecting fall to 98 area to setup a bullish butterfly, with the possibility to sink to 957.Shortby hopscotch1
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. Longby Remko2
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).Longby Remko2
Soybean Meal Bearish FlagSoybean Meal is showing a bearish flag. Looking to see if the flag is compromised above 340 to sell to 329.6SShortby hopscotch3
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.Shortby hopscotch3
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.by hopscotch5
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."Shortby hopscotch3
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.Sby AMPlifiedtrader1
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, TomLongby TomProTraderUpdated 10
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. by hopscotchUpdated 4
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.Longby hopscotch2
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. Longby hopscotch2
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. SLongby hopscotch1
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 1069Longby hopscotch2
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.Longby hopscotchUpdated 2
Soybean Meal: Bearish to 297 initially Comments on the chart. Support must fail for this to workSShortby OluUpdated 7
Soybeans Up SharplyThursdays report came in today. March Soybeans up sharply with a bullish USDA report pushed down production estimates lower than expected. Changed pattern from butterfly to Cypher pattern with extension. Next target for bulls is in the 1060 area.Longby hopscotch1
SoybeansMarch Soybeans showed a little upward movement. Looking for Thursday's report to show next direction. An open Bat / Butterfly pattern is still holding. by hopscotch221
March SoybeansMarch Soybeans is wedging down and is looking at a bullish Bat / Butterfly to start the next week. Wouldn't be surprised if Monday was an up day as this market is a rollercoaster. If prices continue to fall look for 966 as the first target with 921'6 as the butterfly end. Shortby hopscotch2
CBoT soybeansSoybeans: We have been calling a bottom in the market about a moth ago and were looking for an decisive advance in price from the 1040/1020 level. However, price has not made the advance but dropped further instead. The pivotal support at 984 has not been broken thus far but the sideways pattern that price has developed during the past 2 weeks does not give us any confidence that the upswing is imminent now. In fact, price has been making lower lows every week during the past month which is a serious indication that more lows are ahead of us before the market will trade up again. At this stage we can even not exclude a possible bear scenario from here with a further 10% loss of value and a tradable low during next month only. The market is most likely to post lower values during the coming 1 or 2 weeks after which we will see whether we still can look for a tradable low or whether we should hold back until mid February. If and when price breaks the 1028 resistance mark we can start thinking about a bull scenario again but for now we want to sideline. by Remko1
Soybean trade without P/L screens.Monday I will be buying 1002.50 and 999.50 with SL at 992. TP at 1033 and will immediately flip short with stops at 1040. Looking to hold for a positional decline into May 2nd. Target date is the 12th, extension to 13th...that's when TP long and go short.Shortby Roarkenstein2
5 Year inverse cycle on SoybeansHere is 2011 into 2012 showing how the 5 year inverse cycle works. A theory exists that the 5 year cycle in some ways creates an inverse relationship in that major tops 5 years prior are indications of major bottoms in the future and same can be said for bottoms to tops. Next chart I will show you 2016/17Shortby Roarkenstein2