Soybeans ahead of a big move. Key levels and volatility to watch
Weekly:
- Ichimoku is neutral with price located in cloud
- Kijun Sen acts as major key support at 890
- Upper key level is 938 (forward Senkou B line)
- Heikin-Ashi shows indecision with slight positive bias by haDelta+ and haOscillator
- EWO is positive
Daily:
- Ichimoku is neutral, but as Kumo cloud is very thin and the horizontal key levels are close to each other, we can easily see a breakout in any direction
- Heikin-Ashi shows indecision. Note: quantitative indicators are still holding above thei mid lines (minor positive)
- EWO is minimal bearish
- Support is 890-895. If it breaks and closes below 890, then Ichimoku setup turns bearish. On the top side we have 912-915 to fight with, but a textbook confirmed bullish breakout would need a higher high on close above 930.
Important note:
Both 14 days and 14 weeks (!) ATR is extremely low, which means we have a very supressed volatility. It won't last for very long. Maybe it is time to examine 880 / 930 straddle too.
- Ichimoku is neutral with price located in cloud
- Kijun Sen acts as major key support at 890
- Upper key level is 938 (forward Senkou B line)
- Heikin-Ashi shows indecision with slight positive bias by haDelta+ and haOscillator
- EWO is positive
Daily:
- Ichimoku is neutral, but as Kumo cloud is very thin and the horizontal key levels are close to each other, we can easily see a breakout in any direction
- Heikin-Ashi shows indecision. Note: quantitative indicators are still holding above thei mid lines (minor positive)
- EWO is minimal bearish
- Support is 890-895. If it breaks and closes below 890, then Ichimoku setup turns bearish. On the top side we have 912-915 to fight with, but a textbook confirmed bullish breakout would need a higher high on close above 930.
Important note:
Both 14 days and 14 weeks (!) ATR is extremely low, which means we have a very supressed volatility. It won't last for very long. Maybe it is time to examine 880 / 930 straddle too.
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