FSOY1! trade ideas
Soybean Oil (ZL): Monthly EW CountIt is already 10 years since commodities super cycle took commodity markets to the all time high and soybean oil (ZL) market has been in the corrective period ever since. In a monthly chart, we could see that the correction of larger degree takes in the form of flat correction (3-3-5). As far as supply and demand (SnD) is concerned, there are 2 demand zones of interests
1. demand zone #1 (23.46 - 25.34)
2. demand zone #2 (18.83 - 20.84)
Technically, wave (3) of V of C is currently developing and could extend its tail to 24.00 level or below. With the trade war between the USA and China is on the brink of being fully developed, the market dipping to the 19.00 level is not really a far fetched projection.
Channel Down on 1W. Short.Nothing too complicated here. The price is on a 1W Channel Down with a soft Resistance (Lower High on the 1D Channel Down) at 31.04 after having made a Lower High (hard resistance) at 32.04. Our medium term targets are 30.14 and 29.44.
LONG SOYOILWEEKLY CHART FOR SOYOIL
THE BUY SIGN IS CONFIRM
LONG SOYOIL
ALL MAJOR COMMODITIES TURN BULL
Temporary SellingRetracement may occur.
Entry type : pullback
Cut loss : if price fail to break trend line after retracement
Looking Buying OpportunityPrice should break trend line to show buying momentum in action.
Entry : Pullback
Fibonacci area : 61.8 - 78.6%
SOYBEAN OIL 60M long60M chart - it's making bigger corrective wave. seems that ABC pattern there. expect to move soon and go for long. i guess it will find the resistance trendline and breakout. once breakout, i am waiting for the corrective wave for the downside move and find the 4H support trendline.
SOYBEAN OIL 15M chart sell setup15M - sell setup seems there. waiting to break the support trendline then go short.
Im long soybean oilSaw a double bottom and got the indicator confirmation. Long with stops at break even
ZL (SBO) EW counting - heading southSBO currently hit upper channel. estimated wave 3 downward direction begin
ZL Soybean Short PUT on SoyBean due to seasonal aspects and extreme long positioning of commercial traders, highly raised volatility in the last days
Mid-term cyclic bullish setup for Soybean oil - ZL CBOT FuturesLook forward for gain starts in early April
CBoT beanoil weeklyThe weekly continuation char shows an ascending price channel of which the lower boundary started at around 25.00/26.00 during August/September 2015 and offered support to price during July/August 2016 at around the 30.00 level as well as during the past 2 weeks at around the 32.50 level. Price has been bouncing up from this supportive trend line which we expected it to now again.
Quite significant is the fact that last week’s candle is a so-called ‘Double Key Reversal’ which means that price made a lower low than the preceding week but closed higher than the 2 preceding weeks. A ‘Double Key Reversal’ is a very reliable and strong bode that price will make an immediate reversal which, in this case, is to the upside.
Unless proven the contrary, there is no reason to doubt that price is on the way up from here with, roughly, the 40.00 level as price target. Price could, however, make a minor pull-back first during the coming week which is shown in the daily chart.
CBoT BeanoilThe daily MAY17 chart does not tell us an awful lot other than that price has been trading with a descending channel.
If and when price breaks the upper boundary of the channel it will have plenty of room to the upside to develop a rally but the first 2 or 3 sessions will probably to the downside during the coming week.
Long Soybean Oil As long as in the trend, never beat them.
Good entry for long position. Kindly follow me for new update.
Thanks. ^^
