Soybeanmeal CBoT
Soybeanmeal:
Price made again a new high during the week which, as per the rules of engagement, could well be a sign that it wants to go even hight. The pattern that price drew during the past 3 trading days could be a reversal pattern. The RSI is in oversold area but is not diverting with price and the MACD is not in divergence either.
There are too many contradictory signs in this chart for time being. We believe that there is a fair chance that price will start making a solid move down during next week but to 'believe' is not a reason to take a position. We stay away from this market right now and wait until we see a clearer picture.
Price made again a new high during the week which, as per the rules of engagement, could well be a sign that it wants to go even hight. The pattern that price drew during the past 3 trading days could be a reversal pattern. The RSI is in oversold area but is not diverting with price and the MACD is not in divergence either.
There are too many contradictory signs in this chart for time being. We believe that there is a fair chance that price will start making a solid move down during next week but to 'believe' is not a reason to take a position. We stay away from this market right now and wait until we see a clearer picture.
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