Soybean FuturesLong
Soybeans: Bullish Butterfly Pattern | What Traders Should Expect
ZS1! Soybeans: A Bullish Butterfly Pattern
Soybeans have recently completed a bullish butterfly pattern at $1018. This pattern suggests an expected price target of $1268, supported by strong bullish divergence signals.
Monitoring the Support Levels
We should closely monitor the support structure around $947. If this level holds, the bullish pattern remains intact. However, if the price breaks below this support, the pattern could shift into a bullish crab pattern, potentially targeting $810 at the 161.8% Fibonacci extension.
What Does This Mean for Traders?
- Bullish Sentiment: The bullish butterfly pattern presents an opportunity for long positions with a target of $1268.
- Risk Management: Be prepared with stop-loss orders, as the reversal pattern could fail, and the market might continue in the downtrend.
- Support Levels: Watch the $947 support level closely. A break could indicate a shift in market direction.
Soybeans are currently in a bullish setup, with the potential for a price rise to $1268. However, stay alert to the $947 support level, as a break could signal a continuation of the downtrend towards $810.
Happy Trading,
André Cardoso
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.