Bearish clues: LONG-TERM
- In weekly time unit, declining buying volumes during the uptrend initiated in July 2020
- Price has reached an important resistance zone around 1,530 cents per bushel ($15.30/bu, with 1 bushel of soybeans equal to almost 27 kg ).
- End of the uptrend and RSI < 50
- Fundamental analysis: increase in planted areas and yield in the United States of America => increase in the US production and stocks + increase in Chinese imports + increase in demand from crushers + increase in next campaign production in Argentina and Brasil
=> Possible reversal in US soybean prices
Bullish clues: SHORT-TERM
- Price rebound on the 200 exponential moving average
- Double hidden bullish divergences on the Relative Strength Index ( RSI ) initiated in April 2021
- Price closes outside Bollinger Bands + RSI oversold (< 30)
- Fundamental analysis: decrease in US exports and the US stock is still at a low level, even if it increases
The price of US soybeans could form a Head and Shoulders chartist pattern. If the price respects this chartist pattern, it could break the neckline and a daily bullish slanted support at the same time (coincidence of these two elements) and reach the level of 1,370 cents per bushel ($13.70/bu).
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- In weekly time unit, declining buying volumes during the uptrend initiated in July 2020
- Price has reached an important resistance zone around 1,530 cents per bushel ($15.30/bu, with 1 bushel of soybeans equal to almost 27 kg ).
- End of the uptrend and RSI < 50
- Fundamental analysis: increase in planted areas and yield in the United States of America => increase in the US production and stocks + increase in Chinese imports + increase in demand from crushers + increase in next campaign production in Argentina and Brasil
=> Possible reversal in US soybean prices
Bullish clues: SHORT-TERM
- Price rebound on the 200 exponential moving average
- Double hidden bullish divergences on the Relative Strength Index ( RSI ) initiated in April 2021
- Price closes outside Bollinger Bands + RSI oversold (< 30)
- Fundamental analysis: decrease in US exports and the US stock is still at a low level, even if it increases
The price of US soybeans could form a Head and Shoulders chartist pattern. If the price respects this chartist pattern, it could break the neckline and a daily bullish slanted support at the same time (coincidence of these two elements) and reach the level of 1,370 cents per bushel ($13.70/bu).
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade ativo:
The US Soybeans price is forming the right shoulder of the Head and Shoulders chartist pattern. Wait and see the behavior of the price on the neckline at 1,494 cents per bushel.
Comentário:
The right shoulder of the Head and Shoulders seems to be invalidated. Lets see, because the increase movement seems to lose some strength.
Trade ativo:
Perfect right shoulder of the Head and Shoulders pattern. The neckline was breakdown and the US Soybean goes down !!! :)
Trade fechado: objetivo atingido:
Take profit at 1,370 ($13.70/bushel) reached! Great analysis