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Soybean

Soybean Following Uptrend Bullish ButterflyNovember Soybean is following an uptrend. Although today was bearish and probably the next two days next week, we should see another round of buying. Soybeans got hit on the USDA report so not too sure how high this will go. This may be a simple three drives pattern and double top rejection. R1 becomes resistance. Trendline becomes support. Next downside target is at pivot at 955'2, then trend. If trend broken and stays below trendline at the end of the day. S1 at 925'3 will be the next target. Bullish Butterfly is the pattern. "With production looking a little bigger, futures should battle to hold Aug. 31 lows. The best chances for rallies in the short term come from weather in Brazil, where conditions are dry ahead of the start to planting Sept. 15. " www.farmfutures.com
CBOT_MINI:XKX2017Short
by hopscotch
Soybeans: A Look at Current MarketOverall, market is down but could be in final stages of down trend from 2012 highs Monthly Chart In the March/April time frame, the DMI changed to where the -DI is dominant. The ADX continues to trend down signaling whichever dominant trend is not that strong. Current targeted support is 8.910. Though, there is an area in the +/-8.000 range that has provided support in the past. With the ADX approaching 20, it is possible that the 8 range (green on monthly chart) provides support for consolidation before next major trend develops. Weekly Chart The weekly chart has a more bearish definition to it. DMI - A sell trigger was hit the week of 3/6 at 9.972. The -DI is dominant so the TRIX will be used to drive exit and potential re-entry. TRIX - On week of 4/10, the TRIX signaled a potential exit. Price did close above this line during week of 5/1 but next week failed to follow-thru. So, weekly traders would have remained in trade. This week (5/29) will verify the down trend is continuing if TRIX holds below HMA. Daily Chart The daily chart has provided several sell triggers with most recent at 9.356. Price is currently sitting on previous support at 9.035 4hr Chart The 4hr chart has several interesting concepts on it. (1) A sell trigger occurred on 5/17 at 9.562 (2) The TRIX indicated a cover of short on 5/18. With next period follow-thru, the short would have been exited (3) A buy trigger occurred on 5/21. However, there was no follow-thru so a long position would not have been taken (4) When the ADX drops below both DI's and/or 20, trend trading should be put on hold and a price pattern for consolidation should be identified. From the consolidation, look for a breakout to trade. Some potential items to watch are: DMI - During this time, there were several triggers but only last had follow-thru TRIX - The TRIX dropped below 0 (bearish) and then pulled back but remained below 0 before continuing down again with the next trigger (5) Sell trigger at 9.361 with follow-thru and new short entered (6) A developing continuation pattern. I've seen these occur when the next time frame up (daily in this case) is developing a sustained trend. The TRIX/HMA combo indicate a new res->sup line but price fails to close and hold above it. If not stopped out, then continue to hold short.
OANDA:SOYBNUSDShort
by mxb1961
Soybeans Bullish Gartley PatternSoybeans bullish Gartley was adjusted up after making a top on Monday. Higher price was rejected Wednesday. How far this falls is conducive on Soybean sales and the crop being taken off in South America. 1036 would be a good area. Open Interest is rising supporting fall. "Brazil is harvesting a big crop but rain the next few days could slow that process. USDA expects a 104.1 million metric ton harvest there, but private forecasts are larger with some at 105 million."
CBOT:ZSK2017Short
by hopscotch
SOYBEAN MEAL TRIANGLE BREAKOUT IS VERY BULLISHSince october we have been moving in a sideway motion. I think this range is coming to an end. The bulls dried out the bears, and are now ready to take the price to the next level higher at 360. The impulsive breakout yesterday is paving the way for more gains to come. Note the bullish hidden divergence, which also shows the increasingly strong hand of the bulls and the RSI breakout. The seasonal pattern is also in favor of the bull side, from february until june is the best seasonal phase for soybean price pressure, so this might support this trade idea. I am personally looking for a small retracement towards 320 and will look at the lower timeframes for signs to enter with a stop at 310 and the plan is to trail this position towards 360. Please use proper risk management and dont risk too much. Best of luck.
SLong
by IamJeanPaul
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