Go long Soybeans Nov- Target1043.25 ZSX25Soybeans have made a decent correction of 61.8% of the last rally and I am looking for a Channel breakout back to the last swing high of 1043.25.
Chicago Soybean Futures
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Market insights
Soybean future 45 mins 6-9-22 updateSoybean future has been in a bear trend from some time. The structure looks being complete recently and a new one started from 1st sept. There could be option of double wxy as an alternate.
Soybean Future monthly 5-9-22Soybean 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.
Soybeans ( Bearish ) 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 .
BuyBuy in dip at $15.70 sl 15.25 target $16.80-17.10
Disc : it's not an investment advice to buy or sell
Correction ?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
Soybean on a runOm Namah Shivay
Soybean has been trading long from some time.
Soybean looks short time bear and has capability to move to 16096 upside.
The 14094 and 14362 level to be watched.
Om Namah Shivay
