Soyabean
Bearish Indication of SOYANEAN OIL Bearish Indication of SOYANEAN OIL.
As the big players are in profit-taking mode after the uptrend, the price continues to fall.
Besides, the demand side of soyabean is at uncertain as one of the leading consumers, china is dealing with covid-19 pandemic again.
ZL1 (Y21.P1.E1).More highs to goHi Traders,
Now that Soya Bean oil has broken the last bottom structure resistance with a strong daily momentem, then tthe next 3 targets are based on the fib level or fib extensions with 0.618 fib level being the main retracement resistance.
Depending how it approaches the resistance level, will determine the next target or price action.
How to trade this or find entry?
Use the 8 or 12 hrly trend
All the best,
S.SAri
ZS1 long #long #soyabean
But 1220 area
Stop 1190 exect
Target 1490
Soyabean gave breakout in weekly and monthly too
Dollar is making lower low so this trade have 95 percent probability to hit the target
