Soybean Oil Futures Analysis:
Current Price: $52.71
Soybean oil has consistently been an appealing asset, having traded near the year's high just six months ago. Recently, the commodity experienced a notable downtrend, dropping from $64.80 to $48.01. However, a modest upward movement is now observable.
Upon closer examination, we identify a change in...
Soybean Future travelling possibly downtrend currently. The long trend of soybean has been spectacular with the highs and lows in the swing. We are trying to analyze the monthly chart and find out the current market structure.
Bearish Head and Shoulders pattern
Type: Bearish Reversal
Prior Trend: Bullish
Look: Like human body head & shoulders
Right shoulder: Right shoulder is formed when prices correct after a sustained up trend
Head: once the correction is over prices resume their uptrend and make a new high that is prices start a rally to new highs than the prior high which was...
Time of playing out might change but this trajectory has a high probability imo. Idk how/where to trade this yet, but you can also use it to guage the macro picture doing this and know when to get risk averse.
Difficult times all across looks to be brewing. Time to research what should one be doing in those times is NOW.
Long, short term, swing short long term...
Soybeans is heading to test next support zone as it is continuing the falling wedge pattern . short term trend is bearish till next support . We will continue to see low demand in china as it is 2nd largest economy low demand pressurise the price .We can expect increase in demand on next support . support levels r marked on the chart .
Wheat is the most bullish commodity at this moment mnit has come out of multimonth consolidation. $5.65 is the level which must hold for upmove to continue towards $7.40 - $8.15 - $9.30. It has closed below 65 DeMa but volume is not that great . $6 is the level below which most of the buyers will exit. It can create such scenario to cut out loose hands.
Soybean is trading in rising wedge structure which is bearish in nature. Close below 13.90 will open for target of 13.35. It has not touched 65 DeMa since upside breakout which indicates mean reversion may be on card to cut out loose hands. Overall trend is still bullish for $15.30 -16