Are Beans Most Constructive Grain?
Soybeans
Technicals (November)
November soybeans have been mixed in the overnight and early morning trade, but the short-term trend of higher lows and higher highs remains intact. Friday's move out above the 20-day moving average was the first of its kind since May 28th, which is also near where trendline resistance started to form. If the Bulls can use these old levels as support and defend them, it could keep the door open for continued relief with the next upside objective coming in from 1013-1018.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 1013-1018**, 1031 3/4-1035***
Pivot: 1000-1006 1/2
Support: 984 3/4-991****, 950-955 1/4**
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Technicals (November)
November soybeans have been mixed in the overnight and early morning trade, but the short-term trend of higher lows and higher highs remains intact. Friday's move out above the 20-day moving average was the first of its kind since May 28th, which is also near where trendline resistance started to form. If the Bulls can use these old levels as support and defend them, it could keep the door open for continued relief with the next upside objective coming in from 1013-1018.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 1013-1018**, 1031 3/4-1035***
Pivot: 1000-1006 1/2
Support: 984 3/4-991****, 950-955 1/4**
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.